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Politics : Ask Michael Burke
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To: Ilaine who wrote (35545)11/8/1998 10:40:00 AM
From: Mike M2  Read Replies (2) of 132070
 
CB, Richebacher was the chief economist at Dresdner bank but retired. He now writes one of the finest newsletters that I have ever read. The following is from Schumpeter's " Business Cycles" back cover " The central idea underlying Schumpeter's analysis of how the economic system generates the force which incessantly transforms it, is the importance of an entreprenurial elite for change and growth, for the business cycle, and for the survival of capitalism. Innovation- the application of new ideas in technique and organization which effect changes in the production function -is the strategic element in entreprenurial activity. Innovation brakes the circular flow of the stationary economy and generates economic development with a new equillibrium position at higher levels of income. Clusters of innovation, reinforced by imitators and speculators, cause cyclical movements with the economy pulsating to the threefold rhythm of the 3 year Kitchin cycle ( identified with inventory accumulation and decumulation) , the 8-11 year juglar cycle ( related to individual innovations) and the long Kondratieff cycle ( caused by the appearance of major innovations) . What Schumpeter calls " creative destruction" Will calls entreprenurial tough love . ho ho ho BTW a great source for books is fraserbooks.com Will's library of gloom and doom has many books from there. Mike
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