TRANSLATOR’S NOTE

MY CHIEF aim has been to convey the meaning as accurately as possible, and to this end I have not hesitated to use a clumsy phrase in cases where there was no current English equivalent of the German word. After considerable reflection I decided upon “circular flow” for “Kreislauf,” for reasons which it would take too long to relate. There are inelegancies which have nothing to do with the technical side of translating. To eradicate these would have meant rewriting the whole, and it did not seem expedient to do so. Professor Schumpeter is so much at home in the English language that he would inevitably have left his mark on the translation even if he had not given his time as freely as he did to the more difficult points involved. For this reason, as well as for those mentioned in the preface, the book is more than a translation.

The title of the German original is Theorie der wirtschaftlichen Entwicklung.

REDVERS OPIE