By Massimo Pivetti
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Additional resources for An essay on the monetary theory of distribution
Through the introduction of novelties, he wants to fulfil his dreams of founding a private empire driven by the wish of being successful because of success and the pleasure to design and to manage. These ambitions will result in extraordinary profits, or, in the terminology of Schumpeter, profits as index for success (Schumpeter, 1934, p. 93). This way, entrepreneurs disturb the prevailing order and constitute the kernel of unbalanced developments. The appearance of entrepreneurs does not necessarily happen only in capitalist-organized societies.
Juxtaposed to Blaug’s essentially Popperian beliefs (falsificationism) is the work of Professor D. e. what method of presentation maximizes persuasion. The current fluidity of economic methodology as a sub-discipline is further exemplified in an interesting book by Sheila Dow (1985) whose view is that the more descriptive term is mode of thought rather than method, the diﬀerence being the variety of factors within the scope of the author’s approach from which the method(s) is/are derived. A more recent and also fascinating article by Victoria Chick, ‘Theory, method, and mode of Keynes’s General Theory’ bears this approach out with a nicely complex set of box-diagrams (Chick, 2003, pp.
Marco Vivarelli gives an overview of this still open question, and considers as well the various compensation mechanisms found in the literature. In the last chapter of this section, John Foster introduces macro-econometric modelling of neoSchumpeterian dynamics, and suggests an empirical agenda that has the capacity to highlight the relevance and importance of neo-Schumpeterian economics. In particular, the empirical agenda focuses on the core of neoSchumpeterian economics, namely on the innovation-related sources of economic growth.
An essay on the monetary theory of distribution by Massimo Pivetti