Schumpeter’s theory of business cycle
|Author:||Bc. Jiří Jansa|
|Year:||2008 - summer|
|Leaders:|| † prof. Ing. Milan Sojka CSc.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||This thesis concerns theory of business cycles of economist Joseph A. Schumpeter. In the first part, I present some thesis of Schumpeter, that don´t concern business cycle, but complete Schumpeter´s description of capitalism. In the second part I present Schumpeter´s theory of business cycle – influence of innovation on business cycle.
After the presentation of Keynes´s theory from his book General theory of employment, interest and money, I compare Schumpeter´s theory to the theory of Keynes. In the next section, I link together both theories stating that they are complementary to each other.
In the final section, I draw the attention to the difference of the economic value acquired from the stationary economy to the same economic value acquired from the dynamic economy.