<P> Schumpeter's scholarship is apparent in his posthumous History of Economic Analysis, although some of his judgments seem idiosyncratic and sometimes cavalier . For instance, Schumpeter thought that the greatest 18th century economist was Turgot, not Adam Smith, as many consider, and he considered Léon Walras to be the "greatest of all economists", beside whom other economists' theories were "like inadequate attempts to catch some particular aspects of Walrasian truth". Schumpeter criticized John Maynard Keynes and David Ricardo for the "Ricardian vice ." According to Schumpeter, Ricardo and Keynes reasoned in terms of abstract models, where they would freeze all but a few variables . Then they could argue that one caused the other in a simple monotonic fashion . This led to the belief that one could easily deduce policy conclusions directly from a highly abstract theoretical model . </P> <P> In this book, Joseph Schumpeter recognized the implication of a gold monetary standard compared to a fiat monetary standard . In History of Economic Analysis, Schumpeter stated the following: "An' automatic' gold currency is part and parcel of a laissez - faire and free - trade economy . It links every nation's money rates and price levels with the money - rates and price levels of all the other nations that are' on gold .' However, gold is extremely sensitive to government expenditure and even to attitudes or policies that do not involve expenditure directly, for example, to foreign policy, to certain policies of taxation, and, in general, to precisely all those policies that violate the principles of (classical) liberalism . This is the reason why gold is so unpopular now and also why it was so popular in a bourgeois era ." </P> <P> Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis--the theory of business cycles and development . Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic Development with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state . The stationary state is, according to Schumpeter, described by Walrasian equilibrium . The hero of his story is the entrepreneur . </P> <P> The entrepreneur disturbs this equilibrium and is the prime cause of economic development, which proceeds in cyclic fashion along several time scales . In fashioning this theory connecting innovations, cycles, and development, Schumpeter kept alive the Russian Nikolai Kondratiev's ideas on 50 - year cycles, Kondratiev waves . </P>

Who propounded entrepreneurship as a theory of business
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