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Hello Mr. Schumpeter, I enjoyed reading your padlet. I think we have some similar ideas, but we focused on different aspects. Your theory revolves around innovation of the suppliers, and my theory revolves around the consumption by average people.
I would say that the government has a larger role in the economy than you may think, and that

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Hello Schumpteter, I am quite confused about some of the ideas you have presented in this Padlet. It seems like you support the ideology of socialism; yet, you seem to say be in favor of entrepreneurship, which is quite the opposite of socialism..
However, from what I have read on this padlet, I stand positive on the idea of creative distruction and entrepreneurship that will lead to economic growth. Such "creative distruction" will definitely create new technology that could possibly support the exponentially growing population, which was the utmost concern of mine.

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Hello Schumpeter, I take it that your main idea is basically that the economy runs in a cycle of ups and downs. This reminded me of my work on deflation where I stated that deflation would actually improve the economy. Would you say that your cycles have anything to do with inflation and deflation? If so, how?

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Schumpeter discusses the nature of the circular flow which, excluding any innovations and innovative activities, leads to a stationary state.

The entrepreneur disturbs this equilibrium and is the prime cause of economic development, which proceeds in cyclic fashion along several time scales.

Schumpeter suggested a model in which the four main cycles, Kondratiev (54 years), Kuznets (18 years), Juglar (9 years) and Kitchin(about 4 years) can be added together to form a composite waveform. A Kondratiev wave could consist of three lower degree Kuznets waves. Each Kuznets wave could, itself, be made up of two Juglar waves. Similarly two (or three) Kitchin waves could form a higher degree Juglar wave.

If each of these were in phase, more importantly if the downward arc of each was simultaneous so that the nadir of each was coincident it would explain disastrous slumps and consequent depressions. As far as the segmentation of the Kondratiev Wave, Schumpeter never proposed such a fixed model. He saw these cycles varying in time – although in a tight time frame by coincidence – and for each to serve a specific purpose.

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History of Economic Analysis by Joseph Schempeter

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History of Economic Analysis by Joseph Schempeter

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A major contribution to the history of ideas as well as to economics, History of Economic Analysis by Joseph Schumpeter provided a complete history of economic theory from Ancient Greece to the end of the second world war. Topics addressed include the techniques of economic analysis, contemporaneous developments in other sciences and the sociology of economics. As well as dealing with all of the major economists from Adam Smith to Maynard Keynes, the book considers the economic writings of Plato and Aristotle, of the Medieval Scholastics and of the major European economists. Throughout, Schumpeter perceived economics as a human science and this is reflected in a volume which is lucid and insightful throughout.

*he died before competing this paper

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Australian-born American
Australia's finance minister in 1919
Published over 30 books
most famous for the theory of "creative destruction" and "Capitalism, Socialism and Democracy,"
He agrees with Karl Marx that capitalism will be replaced by socialism
He came up with the idea of entrepreneurship
He came up with the idea of creative destruction after reading Nikolia Kondratiev's "The Major Economic Cycle" and Karl Marx's "Das Kapital"

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A revolution process in of a industry that changes the structure within resulting in big firms collapse and smaller ones rises.

for creative destruction to happen there needs to be either new consumer goods, new methods of production or transportation, new market and new forms of industrial organization .

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All economics activity essentially follow and repeat in a pattern

long term growth trend of GDP from expansion to regression.

4 Stages
expansion
peak
contraction
trough.