Joseph Schumpeter

Joseph Schumpeter
Schumpeter in 1945
Born(1883-02-08)February 8, 1883
DiedJanuary 8, 1950(1950-01-08) (aged 66)
Salisbury, Connecticut, US
NationalityAustrian
CitizenshipAustria
United States
Academic background
EducationUniversity of Vienna (PhD, 1906)
Doctoral advisorEugen von Böhm-Bawerk
Influences
Academic work
DisciplineEconomics
Econometrics
Political economy
History of economic thought
School or traditionHistorical School[1]
Lausanne School[1]
InstitutionsHarvard University, 1932–50
University of Bonn, 1925–32
Biedermann Bank, 1921–24
Columbia University, 1913–1914
University of Graz, 1912–14
University of Czernowitz, 1909–11
Doctoral studentsFerdinand A. Hermens
Paul Samuelson
James Tobin[2]
Anne Carter[3]
Notable studentsNicholas Georgescu-Roegen
Paul Sweezy
Hyman Minsky
Notable ideasBusiness cycles
Creative destruction
Economic development
Entrepreneurship
Evolutionary economics

Joseph Alois Schumpeter (German: [ˈʃʊmpeːtɐ]; February 8, 1883 – January 8, 1950)[4] was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship.

Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner Sombart.[5][6][7] His magnum opus is considered Capitalism, Socialism and Democracy.

  1. ^ a b Cite error: The named reference GHS was invoked but never defined (see the help page).
  2. ^ Tobin, James (1986). "James Tobin". In Breit, William; Spencer, Roger W. (eds.). Lives of the Laureates, Seven Nobel Economists. Cambridge, Massachusetts, London, England: MIT Press. Archived from the original on August 26, 2003.
  3. ^ McCulloch, Rachel. "Interview with Anne Carter".
  4. ^ "Joseph Alois Schumpeter 1883–1950". econlib.org. Retrieved December 5, 2023.
  5. ^ Westland, J. Christopher (2016). Global Innovation Management. Macmillan International. p. 192. ISBN 9781137520197. Archived from the original on March 10, 2021. Retrieved July 23, 2022.
  6. ^ Topol, Eric (2012). The Creative Destruction of Medicine: How the Digital Revolution Will Create Better Health Care. Basic Books. p. v. ISBN 978-0465025503. Retrieved December 19, 2019. popularized the term creative destruction.
  7. ^ Stone, Brad; Vance, Ashlee (January 25, 2009). "$200 Laptops Break a Business Model". The New York Times. Retrieved September 21, 2010.

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