In this quote from his latest book Joel Mokyr contrasts two important views on the origins of economic growth:
“[…] The difference between “Smithian” and “Schumpeterian” growth is that for the former, exchange and cooperation based on trust or respect for the law are treated as a game between individuals whereas the essence of Schumpeterian growth is based on the manipulation of natural regularities and phenomena and thus au fond should be seen as a game against nature.”
“Smithian” refers to Adam Smith, of course, who is seen as the founding father of modern economics. Continue reading Smithian vs. Schumpeterian Growth
Paul Hünermund, Ph.D. 