Price formation is the specific economic characteristic of the economy — as distinct from all the other social, historical, and technical characteristics — and that all specifically economic events can be comprehended within the framework of price formation.
Shumpeter traces the genesis of the two strands of economics: o ne which originated in the study of the philosophers, and the other whose primary motive was in practical problems of the day.
Capitalism, Socialism, and Democracy is packed with scintillating insight on all the topics that really matter: capitalism and its future, the absurdities of socialism, the dangers of democratic rule, the future of freedom, and the social dynamics that...
