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Marshall and Schumpeter on Evolution

Economic Sociology of Capitalist Development Edited by the late Yuichi Shionoya, formerly Emeritus Professor of Economics and President, Hitotsubashi University, Japan and Tamotsu Nishizawa, formerly Professor, Institute of Economic Research, Hitotsubashi University, Japan
This unique and original work contends that, despite the differences between Marshallian and Schumpeterian thinking, they both present formidable challenges to a broad type of social science beyond economics, particularly under the influence of the German historical school. In a departure from the received view on the nature of the works of Marshall and Schumpeter, the contributors explore their themes in terms of an evolutionary vision and method of evolution; social science and evolution; conceptions of evolution; and evolution and capitalism.
Extent: 296 pp
Hardback Price: $156.00 Web: $140.40
Publication Date: 2009
ISBN: 978 1 84720 813 2
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  • Economics and Finance
  • Economic History
  • Evolutionary Economics
  • History of Economic Thought
Traditionally it was understood that while Marshall was the synthesizer of neoclassical economics, Schumpeter challenged the dynamic conception of the economy in place of the static structure of economics. While historians of economic thought rarely discuss the work of Alfred Marshall and Joseph Schumpeter jointly, the contributors to this book do exactly this from the perspective of evolutionary thought.

This unique and original work contends that, despite the differences between Marshallian and Schumpeterian thinking, they both present formidable challenges to a broad type of social science beyond economics, particularly under the influence of the German historical school. In a departure from the received view on the nature of the works of Marshall and Schumpeter, the contributors explore their themes in terms of an evolutionary vision and method of evolution; social science and evolution; conceptions of evolution; and evolution and capitalism.

This timely resource will provide a stimulus not only to Marshall and Schumpeter scholarship within the history of economic thought but also to the recent efforts of economists to explore a research field beyond mainstream equilibrium economics. It will therefore prove a fascinating read for academics, students and researchers of evolutionary and heterodox economics and historians of economic thought.
‘This collection of essays offers a fresh and challenging interpretation which departs from the received views of two giants – among the greatest economists of all times. Distinguished scholars of Marshall and Schumpeter engage in a lively discussion of their work and convincingly argue that, despite their differences, they shared a common drive towards a broader type of social science beyond economics. It is an intriguing account that will not fail to attract and fascinate the majority of readers.’
– Maria Cristina Marcuzzo, Università di Roma, Italy

‘Ever since the development of the theory of biological evolution in the middle of the nineteenth century, evolutionary doctrine has posed challenges to economics. These came directly from the work of Darwin and Huxley and indirectly through economic history and the juxtaposition of dynamics with comparative statics – the approach widely adopted by economists by the end of the century. The eminent historians of economics, Yuichi Shionoya and Tamotsu Nishizawa, together with a distinguished team of specialists, have produced an important set of essays that examine the positions on evolution of Marshall and Schumpeter and the economists who surrounded them. This collection is a valuable contribution to the history of economics and is highly relevant to controversies that rage still in the economics discipline today.’
– Craufurd Goodwin, Duke University, US
Contributors: R. Arena, R.E. Backhouse, M. Boianovsky, K. Caldari, K. Fujii, H. Hagemann, G.M. Hodgson, F. Masini, J.S. Metcalfe, T. Nishizawa, T. Raffaelli, Y. Shionoya, R. Swedberg, H.-M. Trautwein, K. Yagi
Contents:

Introduction
Yuichi Shionoya and Tamotsu Nishizawa

PART I: VISION AND METHOD OF EVOLUTION
1. Schumpeter and Evolution: An Ontological Exploration
Yuichi Shionoya

2. The General Pattern of Marshallian Evolution
Tiziano Raffaelli

3. Schumpeter on Marshall: A Reconsideration
Roger E. Backhouse

PART II: SOCIAL SCIENCE AND EVOLUTION
4. On the Relation between Economics and Sociology: Marshall and Schumpeter
Richard Arena

5. Marshall, Schumpeter and the Shifting Boundaries of Economics and Sociology
Geoffrey M. Hodgson

6. The Broken Thread: Marshall, Schumpeter and Hayek on the Evolution of Capitalism
J.S. Metcalfe

PART III: CONCEPTIONS OF EVOLUTION
7. Alfred Marshall and the Historico-Ethical Approach
Tamotsu Nishizawa

8. The Limits to Growth: Alfred Marshall and the British Economic Tradition
Katia Caldari and Fabio Masini

9. Rebuilding Schumpeter’s Theory of Entrepreneurship
Richard Swedberg

10. Schumpeter in the Harvard Yard: Inventions, Innovations and Growth
Kiichiro Yagi

PART IV: EVOLUTION AND CAPITALISM
11. Schumpeter on Development
Harald Hagemann

12. Frictions in Schumpeter’s Theory of Unemployment
Mauro Boianovsky and Hans-Michael Trautwein

13. Marshall on Economic Chivalry and Business Ethics
Kenji Fujii

Index