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- Joseph Schumpeter (born February 8, 1883, Triesch, Moravia [now Třešť, Czech Republic]—died January 8, 1950, Taconic, Connecticut, U.S.) was a Moravian-born American economist and sociologist known for his theories of capitalist development and business cycles.
www.britannica.com/money/Joseph-Schumpeter
For some time after his death, Schumpeter's views were most influential among various heterodox economists, especially Europeans, who were interested in industrial organization, evolutionary theory, and economic development, and who tended to be on the other end of the political spectrum from Schumpeter and were also often influenced by Keynes ...
- 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
Oct 14, 2024 · Joseph Schumpeter (born February 8, 1883, Triesch, Moravia [now Třešť, Czech Republic]—died January 8, 1950, Taconic, Connecticut, U.S.) was a Moravian-born American economist and sociologist known for his theories of capitalist development and business cycles.
Schumpeter’s theory of development assigns paramount role to the entrepreneur and innovations introduced by him in the process of economic development. According to Schumpeter, the process of production is marked by a combination of material and immaterial productive forces.
Oct 24, 2020 · These factors were analyzed by economist Joseph A. Schumpeter who became known for his contributions to economic theory in the area of innovation and entrepreneurship. This entry introduces Schumpeter’s philosophy as well as his theoretical construct of creative destruction.
- christopher.ziemnowicz@uncp.edu
He was one of the more promising students of Friedrich von Wieser and Eugen von Böhm-Bawerk, publishing at the age of twenty-eight his famous Theory of Economic Development. In 1911 Schumpeter took a professorship in economics at the University of Graz.
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Oct 23, 2012 · This article sheds light on the impact of Schumpeter’s Theory of Economic Development over the last 100 years, and identifies insights from that work that are less well-known, but that have the potential for informing current developments in evolutionary economics.
