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Theory of Economic Development
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Last discussed Aug 6, 2026
A book by Joseph Schumpeter (originally his PhD thesis) that explains entrepreneurial profit, the role of banking in innovation, and the boom-and-bust cycle driven by technological change in capitalism.
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The Economist Who Predicted 2008 Explains China's Endgame
Steve Keen · Aug 6, 2026
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Used for: Understanding entrepreneurial profit, the role of banking in innovation, and technology-driven boom-bust cycles in capitalism
Praised: Flawless verbal logic throughout; first book Keen read (including Marx) where...
vs: Explicitly contrasted with Schumpeter's 'Capitalism, Socialism and Democracy'...
"I give you a reading recommendation by Joseph Schumpeter — read his Theory of Economic Development. That was his PhD thesis. Do not bother reading his book called Capitalism, Socialism and Democracy. It's a waste of time. I read this one, Theory o..."
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