Abstract
The purpose of this paper is to show the concept of time in Schumpeter's theory of economic development. His theory of economic development contains theoretical models of two kinds. That is to say, they are the model of the circular flow and the model of development. Schumpeter said that there was something of creative evolution in my theory of economic development. Therefore, Schumpeter's concept of time is compared with Bergson's concept of time. As a result, there is similarity between Schumpeter and Bergson on the concept of time. Bergson classified time into reversible time and irreversible time. In conclusion, two facts are revealed. First, the theoretical framework of the circular flow is based on the absence of time or the concept of reversible time. Second, the theoretical framework of development is based on the concept of irreversible time.
