Revisiting Marx and Schumpeter on Technology: A Comparative Analysis

Comparative analysis of Marx and Schumpeter's views and vision on various aspects like Capitalism has greatly interested academicians. Their understanding of aspects like Capitalism’s creative destruction has been a matter of deliberation for many great scholars in the past. Technology today is pervasive in our society, and technological innovations are boosting capitalism more than ever, leading to the creation of new forms of the economic landscape. My paper tries to draw a comparative analysis of technology from Marx's and Schumpeter's perspectives and initiatives which is the need of the hour. I have attempted to showcase their work in two main phases: the exchange economy/pre-capitalist era and the capitalist era. Ipso, facto the main emphasis has been on technology and how it played a central role in their work regarding social and economic theories. Towards the end, the paper tries to bring important aspects of the future of the economic system from Marx and Schumpeter's perspectives.