on the principle of effective demand. The aggregate supply function makes use of Keynes’ and Schumpeter’s complementary …

Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a … capitalistic economy. These cycles, inherent to the rise of innovation, are an unavoidable consequence of the way in which markets … evolve and assimilate successive technological revolutions. Furthermore, Schumpeter's analysis stressed the fundamental role …