Joseph Schumpeter

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Joseph Schumpeter
Austrian School
Birth 8 February 1883(1883-02-08)
Třešť, Moravia, Austria–Hungary (now Czech Republic)
Death 8 January 1950(1950-01-08) (aged 66)
Taconic, Connecticut, U.S.
Institution Harvard University 1932-50
University of Bonn 1925-32
Biedermann Bank 1921-24
University of Graz 1912-14
University of Czernowitz 1909-11
Field Economics
Alma mater University of Vienna
Opposed Karl Marx
Influences Böhm-Bawerk, Wieser, Menger, Walras, Juglar
Influenced Friedman, Samuelson, Tobin, Williams, Bergson, Georgescu-Roegen, Heilbroner
Contributions Business cycles
Economic development
Evolutionary economics

Joseph Alois Schumpeter (8 February 1883–8 January 1950)[1] was an Austrian-American economist and political scientist. He popularized the term "creative destruction" in economics.[2]


  1. Liberty Fund, Inc. (2007-10-08). "Joseph Alois Schumpeter: Biography". Retrieved 2010-09-21. 
  2. Stone, Brad; Vance, Ashlee (January 25, 2009). "$200 Laptops Break a Business Model". New York Times. Retrieved 2010-09-21. "Indeed, Silicon Valley may be one of the few places where businesses are still aware of the ideas of Joseph Schumpeter, an economist from Austria who wrote about business cycles during the first half of the last century. He said the lifeblood of capitalism was “creative destruction.” Companies rising and falling would unleash innovation and in the end make the economy stronger."