A brilliant conception, it has lain almost dormant because it is so broad based that it does not lend itself to the economic model building that has been the vogue in mainstream economics for some fifty years. In the foreword to Eduard Mårz recent study of Schumpeter, Nobel Prize winner and model builder James Tobin comments that Schumpeter theories of development and business cycles were difficult to incorporate into the style and method that came to dominate economics, especially American economics, over the past fifty years.»2 Ironically, Schumpeter was a strong proponent of the greater use of mathematics in economics and econometric testing of hypotheses, the areas in which he was at a comparative disadvantage.