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‘New combinations’ in the economy and in economics: a tribute to Stanley Metcalfe

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Scientific analysis is not merely a logically consistent process that starts with some primitive notions and then adds to the stock in a straight-line-fashion. It is not simply progressive discovery of an objective reality. (Schumpeter 1954, 4)


The paper discusses an important case of the production of economic ideas by means of economic ideas: Stan Metcalfe's view of the restlessness of capitalism was shaped by ideas he had encountered in Schumpeter, and Schumpeter's view was influenced by ideas he had encountered in Marx. The three authors’ aim can be said to consist in an elaboration of a histoire raisonnĂ©e (Schumpeter) of capitalism, in which the development of technology and science and its translation into economic analytical terms occupies centre stage.
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Keywords: Marx; Metcalfe; Schumpeter; capitalism

Document Type: Research Article

Affiliations: Graz Schumpeter Centre (GSC), University of Graz, Graz, Austria

Publication date: October 1, 2013

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