Abstract

This paper investigates Joseph Schumpeter’s interest theory by specifically focusing on the influence of the relatively unknown author Rudolf Stolzmann. Though Schumpeter spoke about Stolzmann in his early works, the influence has so far not been part of a research paper. The aim of this paper is to show that major contents of the interest theory were developed from a critical review of Stolzmann´s “Soziale Kategorie der Volkswirtschaft”. It can be demonstrated that the definition of entrepreneurial profit and the importance of a bank for interest can already be found in Stolzmann’s first book. This paper claims that Stolzmann played a certain or even a major role for the interest theory of Schumpeter. However, this does not mean that there are no differences between Schumpeter and Stolzmann in general.