Business Cycles

Josef Schumpeter, one of the greatest economists of the twentieth century, forever changed conventional thinking about capitalism. In his classic work Business Cycles , first published in 1939, he focuses on the role of technological innovation in explaining business cycles. He aims to analyze empirically the actual process of economic development using historical and statistical material based on his framework in earlier writings. Schumpeter integrates theory and history primarily by means of statistics. It is because he adopted the method of filling in statistical contours with a detailed industrial history that Business Cycles comprises two large volumes.