Schumpeterian economics was pioneered by Joseph Schumpeter (hence the name). I had heard about this type of economics in one of my first year classes, but I guess I never really knew what it was about. A few interesting things:
1. It differs from classical economics, in that there is no such thing as an equilibrium phase - the economy is never at equilibrium; it is continuously undergoing a period of change.
2. Schumpeterian economics is also known as evolutionary economics. The term 'evolution' first appeared in economics BEFORE it appeared in biology literature. It is important to understand this, and how a term such as 'evolution' could be extrapolated to biology, in what a large portion of the world understands as 'evolutionary biology'.
(Evolution still remains a speculative, unproven hypothesis)
Of the types of economics that I know of, there are three types:
1. Keynesian (in general, advocates of the significance of fiscal [governmental] policy)
2. Classical (in general, advocates of the significance of monetary policy)
3. Schumpeterian (my newest discovery)
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