Schumpeter's importance

Back in 2001, an India based publishing house brought out a collection of essays with the rather unfortunately uninspiring title, Economic Theory in the Light of Schumpeter's Scientific Heritage.

Schumpeter is probably best remembered today for the phrase "creative destruction." Capitalism must destroy to create, as for example old buildings have to be torn down to make space for new one, as the makers of accoutrements for horses and the carriages they draw have to be rendered obsolete by the development of new ways of getting around.

But Tapen Sinha, the author of Chapter Two in this book, locates Schumpeter's significance inhis understanding of the role of financial intermediation.

I'll say nothing more but simply provide the link for the interested.

Here: http://icpr.itam.mx/papers/SinhainDahiya.pdf

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