Great Economists · Modern
Joseph Schumpeter
The economist of innovation: the entrepreneur's 'new combinations', creative destruction, long business cycles, his prediction that capitalism would erode its own foundations, and the 2025 Nobel for innovation-driven growth.
Step 1 of 6 · Overview30 min read ·
Key idea
Prereqs: Adam Smith; Keynes vs Hayek. Next: Paul Samuelson. Sources: Schumpeter, *The Theory of Economic Development* (1911) and *Capitalism, Socialism and Democracy* (1942); Thomas McCraw, *Prophet of Innovation* (2007).Next: 1. Life