Related Experiment Video
Updated: Jul 10, 2026
07:37
Resurrection of Dormant Daphnia magna: Protocol and Applications
Published on: January 19, 2018
J.A. Schumpeter and T.B. Veblen on economic evolution: the dichotomy between statics and dynamics
The European Journal of the History of Economic Thought
|January 7, 2017
Summary
This study explores how economics can adopt an evolutionary approach, moving beyond mere mathematical definitions of economic dynamics. It examines Schumpeter and Veblen
Area of Science:
- Economic Theory
- History of Economic Thought
Background:
- Traditional economic discussions often resolve the statics vs. dynamics dichotomy through mathematical interpretations.
- This mathematical focus overlooks crucial underlying methodological debates.
- Existing frameworks may not fully capture the inherent change within economic systems.
Purpose of the Study:
- To analyze the methodological underpinnings of economic dynamics.
- To explore Joseph Schumpeter's and Thorstein Veblen's perspectives on dynamic economic systems.
- To understand their contributions to establishing economics as an evolutionary science.
Main Methods:
- Comparative analysis of Schumpeter's and Veblen's theories.
- Examination of their viewpoints on internal system change.
- Discussion of their ideas on the evolution of capitalism.
Main Results:
- Schumpeter and Veblen viewed dynamic economic systems as internally generative of change.
- Their work provides a foundation for evolutionary economics.
- Contrasting their perspectives offers deeper insight into evolutionary economic theorizing.
Conclusions:
- Adopting an evolutionary framework is essential for a comprehensive understanding of economic systems.
- Schumpeter's and Veblen's ideas are pivotal for developing an evolutionary economics.
- Further research into their theories can illuminate the evolution of capitalism.
Related Concept Videos
01:07Speciation Rates
Speciation can proceed at markedly different rates, and evolutionary biologists commonly describe these differences through the models of gradualism and punctuated equilibrium. Both patterns explain how new species arise, but they differ in the tempo and continuity of evolutionary change. In both cases, evolutionary change arises from heritable variation within populations, with natural selection often shaping traits that improve survival and reproduction under specific environmental conditions.
02:20Dynamic Equilibrium
A reversible chemical reaction represents a chemical process that proceeds in both forward (left to right) and reverse (right to left) directions. When the rates of the forward and reverse reactions are equal, the concentrations of the reactant and product species remain constant over time and the system is at equilibrium. A special double arrow is used to emphasize the reversible nature of the reaction. The relative concentrations of reactants and products in equilibrium systems vary greatly;...
01:05Static Equilibrium - I
A rigid body is said to be in dynamic equilibrium when both its linear and angular acceleration are zero, relative to an inertial frame of reference. This means that a body in equilibrium can be moving, but only when its linear and angular velocities are constant. A rigid body is said to be in static equilibrium when it is at rest in the selected frame of reference. The distinction between static equilibrium (e.g., a state of rest) and dynamic equilibrium (e.g, a state of uniform motion) is...
01:07Static Equilibrium - II
Static equilibrium is a special case in mechanics that is very important in everyday life. It occurs when the net force and the net torque on an object or system are both zero. This means that both the linear and angular accelerations are zero. Thus, the object is at rest, or its center of mass is moving at a constant velocity. However, this does not mean that no forces are acting on the object within the system. In fact, there are very few scenarios on Earth in which no forces are acting upon...
01:28Conditions of Equilibrium
Equilibrium refers to a state where a rigid body is not subjected to any translational or rotational motion. This state is achieved when the force and couple acting on a rigid body equal zero. When the system of external forces results in a net effect equivalent to zero, the rigid body is considered to be in equilibrium.
Internal forces are not considered for conditions of equilibrium because they occur in equal and opposite pairs within the body, effectively canceling each other. As a result,...
Internal forces are not considered for conditions of equilibrium because they occur in equal and opposite pairs within the body, effectively canceling each other. As a result,...
01:26Equity Theory
Equity theory explains how our sense of fairness influences the dynamics of close relationships. Rooted in social psychology, the theory posits that individuals evaluate fairness by comparing the ratio of their contributions to the rewards they receive. Relationship satisfaction is highest when these ratios are perceived as balanced between partners, promoting mutual reciprocity and a sense of justice.Equity vs. Equality in RelationshipsEquity is distinct from equality. Fairness does not...