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Jul 20, 2021 · Joseph Alois Schumpeter (1883-1950) was an Austrian-trained economist, economic historian, and author. He is regarded as one of the 20 th century's greatest intellectuals. Schumpeter is best known ...
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Joseph Schumpeter was born in Triesch, Czech Republic. His parents were German speakers, while both of his grandmothers are of Czech origins. Schumpeter moved to Vienna in 1893, where he went to school at the Theresianum. He enjoyed access to a great education and gained exposure to languages and subjects such as History, Mathematics, and Science. After completing school, Schumpeter enrolled in the University of Vienna, where he pursued a degree in Civil and Roman Law, focusing his studies on History, Economics, and Law. He graduated in 1906 with a doctorate in Law. During his stay at the University of Vienna, Schumpeter published three (3) statistical studies/papers. In 1907, Schumpeter began working at a law firm in Egypt, Cairo. During his time at the Italian law firm, Joseph published “The Nature and Content of Theoretical Economics” in 1908. Schumpeter later returned to Vienna to further his education and pursued a Ph.D., which enabled him to become a professor. Upon submission...
In 1942, Joseph Schumpeter introduced “Creative Destruction.” The economic concept is also referred to as Schumpeter’s gale, which describes “the process of industrial mutation that continuously revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” Schumpeter created the word German “Unternehmergeist,” which directly translates to “entrepreneur-spirit.” The word “entrepreneurship” is believed to have been derived from the German word. He argued that “entrepreneursEntrepreneurAn entrepreneur is a person who starts, designs, launches, and runs a new business. Instead of being an employee and reporting to a supervisor” bear the responsibility of fostering technological advancements and innovation. He also emphasized that markets do not instinctively move toward equilibrium unless profit margins are completely removed. Rather, the economist stated that entrepreneurial creativity and exploration are continually replacing t...
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Joseph Schumpeter. Joseph Alois Schumpeter ( German: [ˈʃʊmpeːtɐ]; February 8, 1883 – January 8, 1950) was an Austrian political economist. He was born in Moravia, and briefly served as Finance Minister of German-Austria in 1919.
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Joseph Alois Schumpeter was born in Třešť (then part of Austria-Hungary, now in the Czech Republic) on February 8, 1883. He was always a brilliant student and praised by his teachers. He began his career studying law at the University of Vienna under the great Austrian theorist, Eugen von Böhm-Bawerk, taking his Ph.D. in 1906. In 1909, after some study trips, he became a professor of economics and government at the University of Czernowitz (a German-language university in Austria, now in Ukraine), in 1911, at the University of Graz, where he remained until World War I. In 1919-1920, he served as the Austrian Minister of Finance and, in 1920-1924, as President of the private Biederman Bank which collapsed in 1924, leaving Schumpeter in bankruptcy. From 1925-1932, he held a chair at the University of Bonn, Germany. In 1932, Schumpeter had to leave central Europe because of the rise of the Nazis and he moved to Harvard University—he had already lectured there in 1927-1928 and 1930—wher...
Schumpeter's major work and influence in macroeconomicthinking are revealed in the following assessment:
Although not well received when Joseph Schumpeter initially published his work, by the early twenty-first century the tide had changed. He was described as "today’s hottest economist," in a 2000 issue of Business Week, citing his "prescient analysis" of the role of technology in the free economy (Klesney 2001). Schumpeter has become a protagonist of the mainstream, not in academic economics ("standard textbook economics"), but in economic policy, management studies, industrial policy, and the entire area of innovation. In fact, the concept of entrepreneurshipcannot be fully understood without his contributions. The European Union's innovation program, and its main development plan, the Lisbon Strategy, are based on Schumpeter’s theories and ideas.Schumpeter, Joseph A.  1970. Das Wesen und der Hauptinhalt der theoretischen Nationaloekonomie. Berlin: Duncker & Humblot.Schumpeter, Joseph A. 1908. The Nature and Essence of Theoretical Economics.Schumpeter, Joseph A. 1909. "On the Concept of Social Value" in Quarterly Journal of Economics.Schumpeter, Joseph A.  1982. Theorie der Wirtschaftlichen Entwicklung. Eine Untersuchung ueber Unternehmergewinn, Kaptial, Kredit, Zins und den Konjunkturzyklus (The Theory of Economic Develo...Drucker, Peter. 1983. "Modern Prophets: Schumpeter and Keynes?" in Texts by Peter Drucker. Retrieved March 21, 2007.Groenewegen, Peter. 2003. Classics and Moderns in Economics: Essays on Nineteenth And Twentieth Century Economic Thought: Vol. 2. Routledge.Harris, S.E., ed. 1951. Schumpeter: Social Scientist. Harvard University Press.Klesmey, Joseph. 2001. "Joseph Schumpeter and the moral economy" in Acton Institute for the Study of Religion and Liberty. Retrieved March 21, 2007.
Joseph Schumpeter — The Schumpeter Center for Innovation and Development. In the history of economic thought, Joseph Alois Schumpeter (1883-1950) is the foundational contributor to the topic of innovation and development — with entrepreneurship acting as the vital link between the two. Schumpeter first set forth his pioneering vision of the ...
- Methodological Individualism. Austrian Economics Overview Philosophy and Methodology. 10/03/2009 Mises Media Joseph Schumpeter. Includes a summary by Frank van Dun.
- The Great Economist Carl Menger. Biographies Entrepreneurship History of the Austrian School of Economics Philosophy and Methodology. 07/21/2009 Mises Daily Articles Joseph Schumpeter.
- Methodological Individualism. Other Schools of Thought Philosophy and Methodology. 01/03/1980 Books Joseph Schumpeter. Schumpeter's work marks a distinct milestone in the evolution of opinion on the important subject of individualism.
- Economic Doctrine and Method: An Historical Sketch. World History Other Schools of Thought Philosophy and Methodology. 06/15/1954 Books Joseph Schumpeter. Shumpeter traces the genesis of the two strands of economics: o ne which originated in the study of the philosophers, and the other whose primary motive was in practical problems of the day.