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    Economic Growth: Joseph Alois Schumpeter (1883 - 1950) Was An

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    Johnder Aningalan
    Joseph Schumpeter was an influential 20th century economist known for his theory of "creative destruction" and view of capitalism as an evolutionary process. Adam Smith was an 18th century philosopher considered the father of modern economics, known for his theories of the invisible hand of free markets and compensating wage differentials. Jean-Baptiste Say developed Say's Law that production is the source of demand and was influential on later economists like Adam Smith and Thomas Malthus. Richard Cantillon developed systematic methods of abstraction and approximation in economic analysis and began analyzing the economy by assuming it consisted of one giant estate.

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    Economic Growth: Joseph Alois Schumpeter (1883 - 1950) Was An

    Uploaded by

    Johnder Aningalan
    15 views1 page
    Joseph Schumpeter was an influential 20th century economist known for his theory of "creative destruction" and view of capitalism as an evolutionary process. Adam Smith was an 18th century philosopher considered the father of modern economics, known for his theories of the invisible hand of free markets and compensating wage differentials. Jean-Baptiste Say developed Say's Law that production is the source of demand and was influential on later economists like Adam Smith and Thomas Malthus. Richard Cantillon developed systematic methods of abstraction and approximation in economic analysis and began analyzing the economy by assuming it consisted of one giant estate.

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    Not my own work. 5 examples of entrepreneurs

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    Joseph Schumpeter was an influential 20th century economist known for his theory of "creative destruction" and view of capitalism as an evolutionary process. Adam Smith was an 18th century philosopher considered the father of modern economics, known for his theories of the invisible hand of free markets and compensating wage differentials. Jean-Baptiste Say developed Say's Law that production is the source of demand and was influential on later economists like Adam Smith and Thomas Malthus. Richard Cantillon developed systematic methods of abstraction and approximation in economic analysis and began analyzing the economy by assuming it consisted of one giant estate.

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    15 views1 page

    Economic Growth: Joseph Alois Schumpeter (1883 - 1950) Was An

    Uploaded by

    Johnder Aningalan
    Joseph Schumpeter was an influential 20th century economist known for his theory of "creative destruction" and view of capitalism as an evolutionary process. Adam Smith was an 18th century philosopher considered the father of modern economics, known for his theories of the invisible hand of free markets and compensating wage differentials. Jean-Baptiste Say developed Say's Law that production is the source of demand and was influential on later economists like Adam Smith and Thomas Malthus. Richard Cantillon developed systematic methods of abstraction and approximation in economic analysis and began analyzing the economy by assuming it consisted of one giant estate.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Joseph Alois Schumpeter (1883 - 1950) was an other hand, a knowledge worker uses his head and

    economist and one of the 20th century's greatest produces knowledge, information and ideas that may be
    intellectuals. He is best known for his 1942 book beneficial for the overall system of the business or that
    Capitalism, Socialism, and Democracy, as well as the may be the key source in building the business in the
    theory of dynamic economic growth known as creative first place.
    destruction. He is also credited with the first German
    and English references to methodological individualism
    in economics. The essential point to grasp is
    that in dealing with capitalism we are dealing
    with an evolutionary process,

    Adam Smith was an 18th-century philosopher


    renowned as the father of modern economics, and a
    major proponent of laissez-faire economic policies. In his
    first book, "The Theory of Moral Sentiments," Smith
    proposed the idea of the invisible handthe tendency of
    free markets to regulate themselves by means of
    competition, supply and demand, and self-interest. Smith
    is also known for his theory of compensating wage
    differentials, meaning that dangerous or undesirable jobs
    tend to pay higher wages to attract workers to these
    positions, but he is most famous for his 1776 book: "An
    Inquiry into the Nature and Causes of the Wealth of
    Nations."

    Jean-Baptiste Say's Law roughly says that the


    economy is self-regulating so production is the source of
    demand but has been interpreted in many ways and is
    frequently misunderstood to mean "supply creates its
    own demand". Another famous economist, John
    Maynard Keynes, criticized his law. Say was heavily
    influenced by Adam Smith and promoted the laissez-
    faire philosophy. His contemporaries include Thomas
    Malthus and David Ricardo.

    Richard Cantillon greatly developed this


    systematic method of abstractions and
    successive approximations. He liberally used
    the ceteris paribus method. Through this
    analytic method he uncovered "natural"
    cause-and-effect relations in the market
    economy. The France of Cantillon's day was a
    country of great landed feudal estates, the
    result of the conquests of previous centuries.
    And so Cantillon brilliantly began the
    economic analysis in his Essai with the
    assumption that the whole world consists of
    one giant estate.

    Peter Drucker The concept of the knowledge economy


    was first used by Peter Drucker in his 1966 book "The
    Effective Executive." In this book, the difference between
    a knowledge worker and a manual worker was
    discussed. According to Drucker, the manual worker
    uses his hands and other physical capabilities to
    produce and provide services and other goods. On the

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