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May 7, 2007 · Schumpeter had given out heavy assignments, the librarian had refused to allow the students to check out the assigned books, and when Schumpeter threw a tantrum (he was only 26, and had just started teaching), the librarian challenged him to a duel. Schumpeter won the duel by cutting a small slice out of the librarian's shoulder.
- Early Life and Education
- Notable Accomplishments and Theories
- Example of Schumpetarian Theory
- Joseph Schumpeter vs. John Maynard Keynes
- The Bottom Line
Schumpeter was born in Moravia (now the Czech Republic) in 1883, to German parents. He studied economics from the progenitors of the Austrian school tradition, including Friedrich von Wieser and Eugen von Bohm-Bawerk. Schumpeter served as minister of finance in the Austrian government, the president of a private bank, and a university professor. Fr...
Schumpeter made many contributions to economic science and political theory, but he is best known for his 1942 book Capitalism, Socialism, and Democracy, which outlines the theory of dynamic economic growth known as creative destruction.He is also credited with the first German and English references to methodological individualism in economics.
The internet is one of the best examples of creative destruction, the term that Schumpeter coined to describe the dismantling of long-standing practices in order to make way for new technologies, new kinds of products, new methods of production, and new means of distribution. Existing companies must quickly adapt to a new environment (or fail). The...
Over his many years in public life, Schumpeter developed informal rivalries with the other great economic thinkers of the west, including John Maynard Keynes, Irving Fisher, Ludwig von Mises, and Friedrich Hayek. His work initially was overshadowed by some of these contemporaries', especially Keynes. Although they were born just a few months apart,...
Joseph Schumpeter’s work initially received little acclaim, due in part to the great popularity of his contemporary, John Maynard Keynes. That changed over time and he is now viewed as one of the greatest economists of modern times. He introduced the concept of the entrepreneur and the influence of entrepreneurship on economic systems. His theory o...
- Daniel Liberto
Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. [8] His father, who owned a factory, died when Joseph was only four years old. [9] In 1893, Joseph and his mother moved to Vienna. [10] Schumpeter was a loyal supporter of Franz Joseph I of Austria. [8]
Film: The Man Who Discovered Capitalism. This hour-long documentary focuses on the life and ideas of Joseph Schumpeter and how they influence the world today, featuring commentary from some of the world’s leading contemporary economic thinkers. Available on Vimeo, this film can be rented online for CA$5.00.
Jul 2, 2020 · The Essential Joseph Schumpeter. — Published on July 2, 2020. The Essential Joseph Schumpeter is a new book, accompanying website and animated video series that explores the key ideas of the most accomplished economists of the 20th century. In particular, it spotlights Schumpeter’s insights on entrepreneurship, innovation, competition and ...
Jun 1, 2007 · In explaining how this happened, Schumpeter introduces his famous term “creative destruction”: “The opening up of new markets, foreign or domestic, and the organized development from the craft shop and factory to giant concerns…illustrate the same process of industrial mutation — if I may use that biological term — that incessantly revolutionizes the economic structure from within ...
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WORKS BY SCHUMPETER. SUPPLEMENTARY BIBLIOGRAPHY. Joseph Alois Schumpeter (1883–1950) was born in Triesch, Moravia, into a middle-class family. His education at the Theresianum in Vienna was, however, aristocratic, as was the influence of his stepfather, a high-ranking officer in the Austro–Hungarian army.
