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Joseph Alois Schumpeter (1883-1950) was an Austrian-trained economist, economic historian, and author. He is regarded as one of the 20 th century's greatest intellectuals. Schumpeter is best...

Capitalism, Socialism, and Democracy is a book on economics, sociology, and history by Joseph Schumpeter, arguably his most famous, controversial, and important work.

Summary. Joseph Schumpeter was one of the most influential and renowned 20th-century economists and promoted the phrase “creative destruction,” which is an economic concept. In 1942, Schumpeter introduced “creative destruction,” also referred to as Schumpeter’s gale.

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.

by Sean Silverthorne. Economist Joseph Schumpeter was perhaps the most powerful thinker ever on innovation, entrepreneurship, and capitalism. He was also one of the most unusual personalities of the 20th century, as Harvard Business School professor emeritus Thomas K. McCraw shows in a new biography. Read our interview and book excerpt.

About the Author (s) Table of Contents. See all: Harvard Economic Studies. Joseph A. Schumpeter. An early champion of entrepreneurial profit, Schumpeter argues that in a developing economy where an innovation prompts a new business to replace the old (a process Schumpeter later called “Creative Destruction”), booms and recessions are, in ...