• Corpus ID: 152358274

The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

@inproceedings{Schumpeter1934TheTO,
  title={The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle},
  author={Joseph Alois Schumpeter},
  year={1934}
}
Schumpeter first reviews the basic economic concepts that describe the recurring economic processes of a commercially organized state in which private property, division of labor, and free competition prevail. These constitute what Schumpeter calls "the circular flow of economic life," such as consumption, factors and means of production, labor, value, prices, cost, exchange, money as a circulating medium, and exchange value of money. The principal focus of the book is advancing the idea that… 
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