Joseph Schumpeter

Austrian-born theorist of innovation whose creative destruction put entrepreneurs at the center of growth.

Specifications & Metrics

lifespan

1883-1950

nationality

Austrian-American

school

Austrian tradition

Core Principles & Analysis

• Capitalism, Socialism and Democracy (1942) popularized creative destruction, an idea drawn from Marx and Sombart.
• He framed the entrepreneur as the agent who carries out new combinations.
• He taught at Harvard from 1932 and wrote a landmark History of Economic Analysis.

Sources

• Econlib Concise Encyclopedia of Economics: Joseph Alois Schumpeter