ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book treats Schumpeter's theory of prices in a manner corresponding to the treatment given to price theory in other approaches to economic theorising, thereby providing a basis for comparing the strengths and weaknesses of each approach. While mainstream economics puts much emphasis on consumer preferences and choice, the entrepreneur and innovations on the supply side of the market hold centre stage in Schumpeter's theory of economic development. The book examines Schumpeter's treatment of money, credit and banking along with implications for movements in the price level. It reconstructs Schumpeter's price theory, incorporates elements of post-Keynesian approaches to price determination and evolutionary analysis of differential firm growth as well as utilises the framework of reproduction prices from Sraffa. It concludes by providing a summary of the fundamental ideas of the price theory introduced by Schumpeter.
