Keynesianism In Schumpeter's theory, Walrasian equilibrium is not adequate to capture the key mechanisms of economic development. Schumpeter also thought that the institution enabling the entrepreneur to buy the resources needed to realize his vision was a well-developed capitalist financial system, including a whole range of institutions for granting credit. One could divide economists among (1) those who emphasized "real" analysis and regarded money as merely a "veil" and (2) those who thought monetary institutions were important and money could be a separate driving force. Both Schumpeter and Keynes were among the latter.
keYNEsIaNISm In scHUMpEter'S thEory, WALrAsiaN eQuilibrium Is noT aDEquaTE to capture tHe KeY mechanISMs Of econOmIc deVeloPMeNt. schumpeter alSo thought THAt the InstitUtion eNAblIng THe EntREpReneur to Buy tHE resourceS needeD tO REAlIze his viSIon wAs a WeLl-dEVElopEd capiTAlisT fInANcIAl SyStEm, incluDing a whole rAnge of insTItuTiOnS fOr grantIng crEDit. one CoUld DIvIDe EcoNomisTs AMonG (1) those who emPhASized "real" aNalYsIs and REgARdeD money As MEReLy a "veIL" and (2) thoSe who thOuGht monEtary INsTitutiONS weRE iMpoRTanT aND mOney coUlD be a sepArate dRivinG forcE. bOtH scHUmPeTeR and keYNes wEre among THE lATter.