Schumpeter's Corner

Schumpeter inspires my research in four areas:

• The focus on the role of firms and entrepreneurs which differ and deviate from others. See for instance the thought on productivity.

• The recognition of the importance of a financial sector

''... no one other than the entrepreneur needs credit... He can only become an entrepreneur by previously becoming a debtor.'' (Schumpeter (1934): 102)

• The tribute paid to dynamics and evolution of systems

• The attention given to stable distributions of macroeconomic stock variables

Few if any economists seem to have realized the possibilities that such invariants hold out for the future of our science. In particular, nobody seems to have realized that the hunt for, and the interpretation of, invariants of this type might lay the foundations of an entirely novel type of theory.'' (Schumpeter (1949):155/156)