By Joseph A. Schumpeter (Author) , Rendigs Fels (ed.)
Read or Download Business Cycles: A Theoretical, Historical, and Statistic Analysis of the Capitalist Process (Abridged) PDF
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Extra info for Business Cycles: A Theoretical, Historical, and Statistic Analysis of the Capitalist Process (Abridged)
What matters to us is precisely the presence or absence of an actual tendency in the system to move toward a state of equilibrium : if this concept is to be useful as a tool of business-cycle analysis, the economic system must strive to reestablish equilibrium whenever it has been disturbed. 19 It must be admitted that, mathematically, our proof is even now imperfect and becomes convincing only when supplemented, step by step, by economic considerations. 'Ihe original method of counting equations, showing that they are linearly independent and in the same number as the variables is, of course, inadequate.
Practically more important for our purpose is the fact that, within the process for the analysis of which we are now assembling the analytic tools, situations change so quickly as to make the assumption of perfect knowledge and invariant reaction inadmissible. The characteristics of those changing situations may, however, give us to some extent precisely that information which we need in order to reduce ranges of indetenninateness. But temporary necessity, consciously planned strategy, and fluctuating anticipation of the general course of events acquire a very much wider scope than was assumed in the foregoing analysis.
No other than ordinary routine work has to be done in this stationary society, either by workmen or managers. Beyond this there is, in fact, no managerial function—nothing that calls for the special type of activity which we associate with the entrepreneur. Nothing is foreseen but repetition of orders and operations, and this foresight is ideally borne out by events. 16 The productive process is entirely "synchronized," which means that there is no waiting for the results of production, all of which present and replace themselves at the moment they are wanted according to a plan to which everything is perfectly adapted.