By Joseph Alois Schumpeter
2012 Reprint of 1954 version. specific facsimile of the unique version, now not reproduced with Optical reputation software program. "Economic Doctrine and strategy" offers with the development of economics as a technological know-how and especially with the historic series during which financial theories have constructed. Successive doctrines are considered as revolutionary expansions, clarifications and refinements of each other in an evolution towards a "pure" technological know-how of economics. Schumpeter is healthier identified for his paintings on enterprise Cycles and the concept that of "creative destruction."
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Additional resources for Economic Doctrine and Method: An Historical Sketch
Nobody can be blamed, however, for having taken over the problems of his age in the way in which they were offered to him. The solution was better than the method of questioning and Serras found many adherents. Amongst his successors Belloni (1750) and above all Genovesi (1765) are worth mentioning. The latter was a very independent thinker who is usually referred to as one of the precursors of the subjective theory of value. He was chiefly important, however, because he tried to formulate a systematic theory of economic life.
It is no mere accident that they formed at the same time the first genuine economic 'school', since only a total conception could form the basis for one. The historian of economic thought is rarely in a position to name the founder of a school with such certainty as he can do in this case. All essential ideas and at the same time all the vigour of an outstanding personality were combined in Francois Quesnay, who had created these ideas from within himself to a far greater degree than any other economist had done.
The consequence of this was the adoption of foreign achievements 1 Compare Kostanecki, Arbeit und Armut¡ 1909. 32 ECONOMIC DOCTRINE AND METHOD which completely hampered an indigenous original development. Even if the work of individual scholars suffered to a lesser extent it nevertheless lacked the fresh breath of air from the life of everyday economics. All knowledge, however, is the work of centuries and missing links in the chain of development are irre-# placeable. It is possible to grasp logically conclusions that are offered by an outsider, but if such conclusions have not been produced in one's own country by former generations they will always be met with that lack of emotional understanding which will prevent the organic development of what has been taken over.