Schumpeter, democracy, and the Scottish Enlightenment

Article Abstract:

Most of the analytical literature relating to Joseph A. Schumpeter's 1942 'Capitalism, Socialism and Democracy' has focused on the author's reformulation of democracy theory. New research has sought to assess the validity of Schumpeter's claim that the classical liberal approaches to democratic theory have fatal errors. It can be argued that the rational actor is not a prerequisite for maintaining the liberal democratic state or the liberal political model. Similarly, communitarian organicism is not required for the emergence of a social consciousness. Schumpeter's claim that the classical philosophy of democracy is flawed in its logical foundation cannot be sustained.

Social aspects, Liberalism

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Marx, devalorisation, and the theory of value

Article Abstract:

Marx's theory of value includes an examnation of the devaloroisation of fixed capital. There is a need to measure value transference from fixed capital to the end product. There are problems in calculating exact figures without knowing the future in advance, though it is possible to gain an approximate idea of the falling rate of profit and other empirical issues. Qualitative value theory is useful in understanding exploitation and the development of crises from market contradictions.

Economic aspects, Marxist economics, Business cycles, Value (Economics)

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Schumpeter, David Wells, and creative destruction

Article Abstract:

Joseph A. Schumpeter and David A. Wells shared common views of economic competition, marked by the idea of 'creative destruction.' According to Schumpeter, the world progresses technologically by competition among giant oligopolies. According to David A. Wells, competition would not permit producers to recover fixed capital investments, resulting in the market moving towards self-destruction. These views of overhead costs are becoming more relevant today.

Evaluation, Economists, Costs, Industrial, Industrial costs, Wells, David A.

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