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Joseph Schumpeter

Joseph Alois Schumpeter was born in Triesch, Moravia (now the Czech Republic) on
February 8. 1893 and died on January 8, 1950

Schumpeter went to law school at the University of Vienna and received his
doctorate in 1906

In 1911 he was appointed a chair of political economy at the university of Graz

By the outbreak of WWI he had already established an international reputation as

an economist and at the age of 30 he was awarded and honorary degree by
Columbia University

He returned for good in 1925 as professor of public finance at the University of Bonn
in Germany

After his second wife and mother died he went to have a permanent tenure at
Harvard University which began on September 1, 1932

Schumpeter is known for the role of innovation for the performance of market
capitalism

For Schumpeter entrepreneurial action conceived as innovation is the central

feature of capitalism, and it forms the backdrop to his theories of credit, interest,
capital, profit, and the business cycle.

Schumpeter thought that the withering away of entrepreneurship would lead to

innovation being reduced and this would lead to disastrous consequences

Schumpeters final great work was Capitalism, Socialism, and Democracy which
focused on the sociological aspects of capitalism

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