Tag Archives: Credit

Quote: The Central Question of Macroeconomics

“The central question of macroeconomics, in our view, is why and how the processes of economywide coordination – Schumpeter’s  multilateral clearing, notably – sometimes suffer impairment” (p. 455).

Shah, P. J.; Yeager, L. B. (1994): Schumpeter on Monetary Determinacy. In: History of Political Economy 26 (3), S. 443–464. DOI: 10.1215/00182702-26-3-443.

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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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