Joseph A. Schumpeter

Joseph Schumpeter (1883 - 1950) was one of the foremost economic thinkers of the twentieth century. Today Schumpeter is most well-known for his idea of ''creative destruction''. This is the notion that a market economy is simultaneously creative and destructive and therein lies the process of renewal that is central to the endurance and also the unpopularity of capitalism. Schumpeter''s work also ...