Does Schumpeter still rule? Reflections on the current epoch

With the current economic crisis in full swing, many wonder about the parallels that exist with another period, the recession of the 1920s and the Great Depression. It is not our intent to dwell on the parallels between this epoch and the current times, as such; plenty of others have delved into this fascinating topic (e.g. Eichner et al., 2010; Korotayev, Tsirel, 2010; Lo, 2009). Rather, the periods at the beginning of the 20th century gave rise to new economic thought. In particular, Keynes and Marx are connected with Schumpeter as leaders of this fermentation (Heilbroner 1984; Wagener, Drukker, 1986). However, in the context of innovation, Schumpeter’s notions will be remembered most, and it is on his heritage that we would like to reflect on his work by positioning it in a contemporary setting.