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BOOK PREVIEW
In this classical analysis of capitalist society, Schumpeter argues that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." His preface shows that despite weaknesses, theories are based on logic and provide structure for understanding fact. In his substantial new introduction, John E. Elliott discusses the salient ideas of The Theory of Economic Development against the historical background of three great periods of economic thought of the twentieth century.
(first published December 12th 1934)