JOURNAL OF MANAGEMENT POLICY AND PRACTICE
Schumpeter’s View of Market Distribution and Redirection of Income and Wealth
Author(s): Bruce A. McDaniel
Citation: Bruce A. McDaniel, (2011) "Schumpeter’s View of Market Distribution and Redirection of Income and Wealth," Journal of Management Policy and Practice, Vol. 12, Iss. 4, pp. 23 - 26
Article Type: Research paper
Publisher: North American Business Press
In 1908, Joseph A. Schumpeter set out his original view of how the entrepreneur would increase the material wealth of a nation and in the process benefit the economically less advantaged members of society. The process of creating economic income and wealth would be brought about by the entrepreneur through what Schumpeter called entrepreneurial profit and entrepreneurial wage. Although these two processes could not be captured in neoclassical theory, they none the less provided for a method of income and wealth distribution and redirection without government involvement.