Thursday, September 3, 2009

Reaction towards Joseph Schumpeter


When I used to read the Biography of Schumpeter. I admired him specially when I read that Schumpeter was a brilliant student praised by his teachers.

Being a Business Administration student his contributions in Economics is very useful: Business Cycles, Economic Development, Entrepreneurship, Evolutionary Economics, Creative Distraction, Walrasian Equilibrium Capitalism, Socialism, & Democracy.

What about the Creative Destruction? In determinate, it has something to do with the innovation of the existing product, to maintain the Walrasian equilibrium. His theory is very influential mostly in Marketing students. You don’t have to stop innovating your product. Just keep upgrading.

In current scenario, it is applicable in most cell phone company and high technology product. They keep on innovating and out phasing their product.



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