With the exception of a few notes, Schumpeter never directly addressed the question of time in economic theory, but his principal concern – the study of movement and economic change – undoubtedly meant that the concept of time was of pivotal importance to his thought. Moreover, students of the problem of time in economics frequently refer to his work.1 Thus, according to Teboul (1992), the red thread running through Schumpeter’s work is his emphasis on the general importance of time in economic analysis.