While Schumpeter’s broad theory of how capitalist economies worked articulated in his Theory of Economic Development received strong attention in his lifetime, it was neoclassical economic theory that took hold of the profession in the last half of the twentieth century, and today few...

Since the time of Marshall economists have used the constructs of demand and supply curves in their explanation and analyses of how markets determine prevailing prices and the allocation of resources among different lines of economic activity. Today almost all expositions and interpretations of...

Classical economics was both evolutionary and institutional. With the rise of neoclassical economics, both the evolutionary and the institutional aspects were squeezed out of main line economic theory. The last quarter century has seen a rebirth of both traditions, but as minority intellectual...