Repository | Book | Chapter
Schumpeter and Steindl on the dynamics of competition
pp. 349-359
Abstract
This paper compares and contrasts the contributions of Joseph Alois Schumpeter and Josef Steindl to the competitive paradigm. Both reject the static nature of traditional profit maximizing analysis and the analytical device of a representative firm. Instead they both opt for a dynamic framework in which there is a key role for innovation. Differences emerge in terms of the characteristics of individual firms that nurture the competitive struggle and are responsible for technical change.The maturation process of a capitalist economy, whereby a natural progression will involve an increase in concentration, as prescribed by Schumpeter and Steindl is also explored, as is criticism of their analyses. Finally the holistic approach to competitive modelling, a legacy of these two economists, is expounded and challenges for the future identified.
Publication details
Published in:
Mueller Dennis C., Cantner Uwe (2001) Capitalism and democracy in the 21st century: proceedings of the international Joseph A. Schumpeter society conference, Vienna 1998 "capitalism and socialism in the 21st century". Heidelberg, Physica.
Pages: 349-359
DOI: 10.1007/978-3-662-11287-8_18
Full citation:
Bloch Harry (2001) „Schumpeter and Steindl on the dynamics of competition“, In: D. C. Mueller & U. Cantner (eds.), Capitalism and democracy in the 21st century, Heidelberg, Physica, 349–359.