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Joseph Schumpeter's view on economic depressions

Joseph Schumpeter's view on economic depressions

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Sukrit posted on Thu, Apr 4 2013 4:58 AM
Is this an accurate characterisation of Joseph Schumpeter?
"in his book, "The Theory of Economic Development", wrote that depressions are a normal part of the way business cycles function, and a depression, even an extended one, is no reason to doubt capitalism." http://sukritsabhlok.weebly.com/2/post/2013/04/a-stylized-history-of-economic-thought.html

I wrote this, but I have not read Schumpeter's work in detail and got that sentence from a summary written by someone else, and wanted to check it with the forum members here

thanks for the help and apologies if it seems like i'm leeching off your intelligence

 

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Neodoxy replied on Thu, Apr 4 2013 10:01 AM

I've only read summaries that are also critiques by Rothbard, so all I know is that Schumpeter's business cycle theory sounds complicated as hell and has very heavily to do with technological expansion. Look in the appropriate MES or ADP sections if you want Rothbard's take on it.

At last those coming came and they never looked back With blinding stars in their eyes but all they saw was black...
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Sukrit replied on Thu, Apr 4 2013 2:56 PM

Yes thanks for that, that was very useful. I should probably read Man Economy & State sometime soon.

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