SCHUMPETER’S CRITICISM TO THE NEOCLASSICAL THEORY OF CAPITAL AND INTEREST

Schumpeter’s theory of interest is one of his most original contributions. It is subject to systematic treatment in the first, second, third and fifth chapters of his greatest work, The Theory of Economic Development (hereinafter, TED). As Harbeler acknowledges, his starting point is the refusal of the neoclassical theory of abstinence . This interpretation has been turned into a radical criticism of neoclassical theory of distribution, expressed in the claim that the interest is not a category of stationary equilibrium and is inconsistent with the circular flow.

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