Economics: A Crash Course by David Boyle

Author:David Boyle
Language: eng
Format: epub
Publisher: Ivy Press
Published: 2019-10-11T16:00:00+00:00

JOSEPH SCHUMPETER (1883–1950)

Joseph Schumpeter was briefly Austrian finance minister in 1919, but is famous primarily as an economist at Harvard University, where he spent the rest of his career—and for his association with the phrase “creative destruction.” This was, for him, the driver of capitalism, the gale of change that is brought by entrepreneurs, who are at the heart of his economics. Schumpeter’s thinking provides some of the foundations of the ideas that have dominated the past four decades, but he also believed—like Karl Marx—that capitalism would inevitably collapse under the weight of its own contradictions. Schumpeter was also interested in economic cycles and popularized the 54-year cycles identified by Nikolai Kondratiev, though he is primarily known as one of the first innovation economists—as the first economist to look closely at the role of enterprise—and therefore one of the inspirations behind the heterodox economists, and thus, some of the ideas that this book relies on. Schumpeter declared that his purpose was to be the greatest economist in the world, the greatest horseman in Austria, and the greatest lover in Vienna—but that he had achieved only two of them. He never admitted which one he had failed to achieve.

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