Michael Peneder and Andreas Resch Received Schumpeter Award 2022

18.07.2022

For the First Time the Laureates Come from Austria

The International Schumpeter Society (ISS) awarded the prestigious prize in 2022 to the two economists Michael Peneder (WIFO) and Andreas Resch (WU Vienna) for their book Schumpeter's Venture Money (Oxford University Press, 2021).

At the award ceremony on 8 July 2022, the prize committee particularly emphasised the high degree of innovation and social relevance as well as the good readability of the monograph.

Peneder and Resch's work opens up important, previously neglected aspects of Schumpeter's oeuvre. In the book, the central elements of his theory of money are systematically explained for the first time against their backgrounds in monetary history, and their consequences for his theory of economic development are worked out in an innovative way. In the light of these insights, a new interpretation of his own (failed) activities as a venture investor is then offered, drawing on new sources. Finally, the book demonstrates the relevance of Schumpeter's approach for the interpretation of recent advances in monetary theory as well as current developments in the fields of venture financing, recurrent crises and digital payment and settlement systems.

Previous Schumpeter laureates include Christopher Freeman, Joel Mokyr, Richard Musgrave, Mancur Olson, Maureen McKelvey, Steven Klepper, Richard G. Lipsey, Thomas McGraw, Philippe Aghion, Rachel Griffith, Richard Nelson, Sidney Winter and Giovanni Dosi.

For more information on the award-winning book "Schumpeter's Venture Money," please click here.

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Assoc. Prof. Michael Peneder

Research groups: Industrial Economics, Innovation and International Competition
© WIFO/WU Vienna
© WIFO/WU Vienna