Its coiner suggests that traditional economic theory blinded by an obsession with price equilibrium failed to see, what he calls, this essential fact about free enterprise economies, an oversight akin to missing the Danish prince in Hamlet.  
Its coiner suggests that traditional economic theory blinded by an obsession with price equilibrium failed to see, what he calls, this essential fact about free enterprise economies, an oversight akin to missing the Danish prince in Hamlet.  The author of this concept notes that Marx's law regarding the Tendencies of Profit to Fall fails to distinguish between entrepreneur and investor; and thus Marx misses this process of industrial mutation that incessantly revolutionizes the economic structure from within. This organic process is driving force behind Kontratiev long wave cycles, and is first explicated in Chapter VII of Capitalism, Socialism, Democracy.  For 10 points, name this dynamic process coined by Joseph Schumpeter about the innovative possibilities of capitalism's more violent tendencies.
Its coiner suggests that traditional economic theory blinded by an obsession with price equilibrium failed to see, what he calls, this essential fact about free enterprise economies, an oversight akin to missing the Danish prince in Hamlet.  
Creative Destruction