“Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm.”
– Joseph Schumpeter, Capitalism, Socialism and Democracy (1942)
Joseph Alois Schumpeter (1883-1950) is generally regarded as one of the most important economists of all time. He was often said to be John Maynard Keynes‘ principal rival for the title of most influential economist of the twentieth century. And as the new century begins, Schumpeter’s reputation is rising. Schumpeter is particularly known for popularizing…
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The greatest individual stimulus upon Joseph Schumpeter was likely his university professor, Eugen von Böhm-Bawerk, one of the founders of the “Austrian School” and a teacher of economist Ludwig von Mises as well. Through von Böhm-Bawerk, Schumpeter came to an understanding of the work of Carl Menger and of Menger’s idea of marginal utility. Schumpeter…
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In Lecture 22 of his series, “Thinking about Capitalism,” Professor Jerry Z. Muller of The Catholic University of America examines Joseph Schumpeter’s take on innovation and resentment.
