Tag Archives: Aghion

Capitalism and the Forgotten Role of Credit

Are you an economist? Can you explain to a fellow citizen or economist what characterises capitalism? In my experience, few economists and fellow students don’t have a clear picture – and I used to be one of them. If they do, they usually go about a market economy, whose features (trade and prices) they then start off reciting. Consequently in the public discussion, we mix up a market economy with capitalism. With this I want to offer some Schumpeterian inspiration on that topic:

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