Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was economist and political scientist born in Moravia. He was one of the most influential economists of the 20th century.^{[citation needed]} low res pic, historical person source: http://www. ... is the 39th day of the year in the Gregorian calendar. ... Year 1883 (MDCCCLXXXIII) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 12-day slower Julian calendar). ... Location of TÅ™eÅ¡Å¥ in the Czech Republic TÅ™eÅ¡Å¥ (German: Triesch) is a town in the Vysočina Region of the Czech Republic. ... For other uses, see Moravia (disambiguation). ... Austria-Hungary, also known as the Dual monarchy (or: the k. ... is the 8th day of the year in the Gregorian calendar. ... Year 1950 (MCML) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ... Official language(s) none (de facto English) Capital Hartford Largest city Bridgeport[2] Largest metro area Hartford Metro Area[3] Area  Ranked 48th in the US  - Total 5,543[4] sq mi (14,356 km²)  - Width 70 miles (113 km)  - Length 110 miles (177 km)  - % water 12. ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Harvard redirects here. ... The University of Bonn (German: Rheinische Friedrich-Wilhelms-Universität Bonn) is a public research university located in Bonn, Germany. ... University of Graz The University of Graz (German, Karl-Franzens-Universität Graz), a university located in Graz, Austria, is the second-largest university in Austria. ... For other uses, see Alma mater (disambiguation). ... The University of Vienna (German: ) is a public university located in Vienna, Austria. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... For the convicted Republican political operative, see James Tobin (political operative). ... John Burr Willams (1899 - 1989) was a founder and developer of the fundamentalist theory of asset valuation [1], and was one of the first economists to view stock prices as determined by “intrinsic value”. He is best known for his 1938 text The Theory of Investment Value, based on his... Abram Bergson, born Abram Burk (April 21, 1914, New York City - April 23, 2003), was an American economist. ... Nicholas Georgescu-Roegen, born Nicolae Georgescu (ConstanÅ£a, Romania, 4 February 1906 – Nashville, Tennessee, 30 October 1994) was a Romanian mathematician, statistician and economist, best known for his 1971 magnum opus The Entropy Law and the Economic Process, which situated the view that the second law of thermodynamics, i. ... Robert Heilbroner (March 24, 1919 – January 4, 2005) was an American economist. ... The business cycle or economic cycle refers to the fluctuations of economic activity about its long term growth trend. ... Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ... Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... Evolutionary economics is a relatively new economic methodology that is modeled on biology. ... is the 39th day of the year in the Gregorian calendar. ... Year 1883 (MDCCCLXXXIII) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 12-day slower Julian calendar). ... is the 8th day of the year in the Gregorian calendar. ... Year 1950 (MCML) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ... Alan Greenspan, former chairman, United States Federal Reserve. ... See also: Political Science Notable political scientists Kenneth Arrow - Nobel Memorial Prize winning economist who published influential paper on his widely cited Arrows Impossibility Theorem Robert Axelrod Duncan Black - Responsible for unearthing the work of many early political scientists, including Charles Dodgson Jean-Charles de Borda - 18th century mathematician... For other uses, see Moravia (disambiguation). ...

Life

Born in Triesch, Moravia (then part of Austria-Hungary, now Třešť in the Czech Republic), Schumpeter was always a brilliant student and was praised by his teachers. He began his career studying law at the University of Vienna under the Austrian capital theorist Eugen von Böhm-Bawerk, taking his PhD in 1906. In 1909, after some study trips, he became a professor of economics and government at the University of Czernowitz, 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, with some success, and in 1920-1924, as President of the private Biederman Bank. That bank collapsed in 1924 and left Schumpeter in bankruptcy. Location of TÅ™eÅ¡Å¥ in the Czech Republic TÅ™eÅ¡Å¥ (German: Triesch) is a town in the Vysočina Region of the Czech Republic. ... For other uses, see Moravia (disambiguation). ... Austria-Hungary, also known as the Dual monarchy (or: the k. ... Location of TÅ™eÅ¡Å¥ in the Czech Republic TÅ™eÅ¡Å¥ (German: Triesch) is a town in the Vysočina Region of the Czech Republic. ... The University of Vienna (German: ) is a public university located in Vienna, Austria. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... PhD usually refers to the academic title Doctor of Philosophy PhD can also refer to the manga Phantasy Degree This is a disambiguation page — a list of pages that otherwise might share the same title. ... The Chernivtsi University (current full name Yuriy Fedkovych Chernivtsi National University) is the leading Ukrainian institution for higher education in Northern Bukovina, located in Chernivtsi, the city in the south-west of Ukraine. ... University of Graz The University of Graz (German, Karl-Franzens-Universität Graz), a university located in Graz, Austria, is the second-largest university in Austria. ... “The Great War ” redirects here. ...

From 1925-1932, he held a chair at the University of Bonn, Germany. Having to leave central Europe because of the rise of the Nazis, he moved to Harvard (where he had already lectured in 1927-1928 and 1930), where he taught from 1932 to 1950. During his Harvard years, he was not generally considered a very good classroom teacher, but he acquired a school of loyal followers. His prestige among colleagues was likewise not very high, because his views seemed outdated and not in touch with then-fashionable Keynesianism. This period of his life was characterized by hard work but little recognition of his core ideas. The University of Bonn (German: Rheinische Friedrich-Wilhelms-Universität Bonn) is a public research university located in Bonn, Germany. ... The Nazi party used a right-facing swastika as their symbol and the red and black colors were said to represent Blut und Boden (blood and soil). ... Harvard University is a private university in Cambridge, Massachusetts, USA, and a member of the Ivy League. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will display full 1932 calendar) of the Gregorian calendar. ... Year 1950 (MCML) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ...

Although Schumpeter encouraged some young mathematical economists and was even the president of the Econometric Society (1940-41), Schumpeter was not a mathematician but rather an economist and tried instead to integrate sociological understanding into his economic theories. From current thought it has been argued that Schumpeter's ideas on business cycles and economic development could not be captured in the mathematics of his day - they need the language of non-linear dynamical systems to be partially formalized. Mathematical economics is the sub-field of economics that explores the mathematical aspects of economic systems. ... The Econometric Society The Econometric Society, an International Society for the Advancement of Economic Theory in its Relation with Statistics and Mathematics was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio. ... Sociology (from Latin: socius, companion; and the suffix -ology, the study of, from Greek λόγος, lógos, knowledge [1]) is the scientific or systematic study of society, including patterns of social relationships, social interaction, and culture[2]. Areas studied in sociology can range from the analysis of brief contacts between anonymous... The business cycle or economic cycle refers to the fluctuations of economic activity about its long term growth trend. ... Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ... In engineering and mathematics, a dynamical system is a deterministic process in which a functions value changes over time according to a rule that is defined in terms of the functions current value. ...

Most important work

The history of economic analysis

Schumpeter's vast erudition is apparent in his posthumous History of Economic Analysis, although some of his judgments seem quite idiosyncratic and sometimes cavalier. For instance, Schumpeter thought that the greatest 18th century economist was Turgot, not Adam Smith, as many consider. Schumpeter criticized John Maynard Keynes and David Ricardo for the "Ricardian vice." According to Schumpeter, Ricardo and Keynes reasoned in terms of abstract models, where they would freeze all but a few variables. Then they could argue that one caused the other in a simple monotonic fashion. This led to the belief that one could easily deduce policy conclusions directly from a highly abstract theoretical model. (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Anne-Robert-Jacques Turgot, Baron de Laune, often referred to as Turgot (10 May 1727 – 18 March 1781), was a French economist and statesman. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Keynes redirects here. ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ...

Business cycles

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Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis - the theory of business cycles and development. Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic Development^[1] with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state. The stationary state is, according to Schumpeter, described by Walrasian equilibrium. The hero of his story, though, is, in fine Austrian fashion, the entrepreneur. Image File history File links Question_book-3. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ... A very simple circular flow diagram. ... General Equilbrium (linear) supply and demand curves. ... For the computer game by Peter Molyneux, see The Entrepreneur. ...

The entrepreneur disturbs this equilibrium and is the cause of economic development, which proceeds in cyclic fashion along several time scales. In fashioning this theory connecting innovations, cycles, and development, Schumpeter kept alive the Russian Nikolai Kondratiev's ideas on 50-year cycles, Kondratiev waves. Nikolai Dmitriyevich Kondratiev (1892-1938) was a Russian economist. ... In economics, Kondratiev waves - also called grand supercycles, surges, long waves, or K-waves - are regular S-shaped cycles in the modern (Capitalist) world economy. ...

Schumpeter suggested a model in which the four main cycles, Kondratiev(54 years), Kuznets (18 years), Juglar (9 years) and Kitchin (about 4 years) can be added together to form a composite waveform. (Actually there was considerable professional rivalry between Schumpeter and Kuznets. The wave form suggested here did not include the Kuznets Cycle simply because Schumpeter did not recognize it as a valid cycle. See "Business Cylces" for confirmation.) A Kondratiev wave could consist of three lower degree Kuznets waves. Each Kuznets wave could, itself, be made up of two Juglar waves. Similarly two (or three) Kitchin waves could form a higher degree Juglar wave. If each of these were in phase, more importantly if the downward arc of each was simultaneous so that the nadir of each was coincident it would explain disastrous slumps and consequent depressions. (as far as the segmentation of the Kondratyev Wave, Schumpeter never proposed such a fixed model. He saw these cycles varying in time - although in a tight time frame by coincidence - and for each to serve a specific purpose)

Schumpeter and Keynesianism

In Schumpeter's theory, Walrasian equilibrium is not adequate to capture the key mechanisms of economic development. Schumpeter also thought that the institution enabling the entrepreneur to purchase the resources needed to realize his or her vision was a well-developed capitalist financial system, including a whole range of institutions for granting credit. One could divide economists among (1) those who emphasized "real" analysis and regarded money as merely a "veil" and (2) those who thought monetary institutions are important and money could be a separate driving force. Both Schumpeter and Keynes were among the latter. Nevertheless, Schumpeter, who was a classical liberal, rejected Keynesianism. For other uses, see Capitalism (disambiguation). ... A credit is a unit that gives weighting to the value, level or time requirements of an academic course. ... Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ...

Schumpeter and capitalism's demise

Schumpeter's most popular book in English is probably Capitalism, Socialism and Democracy. This book opens with a treatment of Karl Marx. On the surface level, this piece seems to support socialism. Schumpeter's reasoning was that an overt defense of capitalism would prompt the book only to be read by those who already supported capitalism. Therefore, he believed that he must masquerade as a supporter of socialism to entice the young socialist to read his work. In the end, he hoped to awaken self-recognition in the reader to the flaws of socialism. ^[2] Whilst he is sympathetic to Marx's theory that capitalism will collapse and it will indeed be replaced by socialism, Schumpeter concludes that this will not come about in the way Marx predicted. To describe it he borrowed the phrase "creative destruction," and made it famous by using it to describe a process in which the old ways of doing things are endogenously destroyed and replaced by new ways. Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Creative destruction, introduced in 1942 by the economist Joseph Schumpeter, describes the process of transformation that accompanies radical innovation. ...

Schumpeter's theory is that the success of capitalism will lead to a form of corporatism and a fostering of values hostile to capitalism, especially among intellectuals. The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism; it will be replaced by socialism in some form. There will not be a revolution, but merely a trend in parliaments to elect social democratic parties of one stripe or another. He argued that capitalism's collapse from within will come about as democratic majorities vote for the creation of a welfare state and place restrictions upon entrepreneurship that will burden and destroy the capitalist structure. Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy. In his vision, the intellectual class will play an important role in capitalism's demise. The term "intellectuals" denotes a class of persons in a position to develop critiques of societal matters for which they are not directly responsible and able to stand up for the interests of strata to which they themselves do not belong. One of the great advantages of capitalism, he argues, is that as compared with pre-capitalist periods, when education was a privilege of the few, more and more people acquire (higher) education. The availabiliy of fulfulling work is however limited and this, coupled with the experience of unemployment, produces discontent. The intellectual class is then able to organise protest and develop critical ideas. Historically, corporatism or corporativism (Italian: corporativismo) refers to a political or economic system in which power is given to civic assemblies that represent economic, industrial, agrarian, social, cultural, and professional groups. ... Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... The House of Representatives Chamber of the Parliament of Australia in Canberra. ... Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... There are three main interpretations of the idea of a welfare state: the provision of welfare services by the state. ...

In Schumpeter's view, socialism will ensure that the production of goods and services is directed towards meeting the authentic needs of people and will overcome some innate tendencies of Capitalism such as conjecture fluctuation, unemployment and waning acceptance of the system.^[3]

Schumpeter and democratic theory

In the same book, Schumpeter expounded a theory of democracy which sought to challenge what he called the 'classical doctrine'. He disputed the idea that democracy was a process by which the electorate identified the common good, and politicians carried this out for them. He argued this was unrealistic, and that people's ignorance and superficiality meant that in fact they were largely manipulated by politicians, who set the agenda. This made a 'rule by the people' concept both unlikely and undesirable. Instead he advocated a minimalist model, much influenced by Max Weber, whereby democracy is the mechanism for competition between leaders, much like a market structure. Although periodical votes from the general public legitimize governments and keep them accountable, the policy program is very much seen as their own and not that of the people, and the participatory role for individuals is severely limited. For the politician, see Max Weber (politician). ...

Schumpeter and entrepreneurship

The concept of entrepreneurship cannot be fully understood without his contributions, being probably the first scholar to develop its theories. He gave two theories, sometimes called Mark I and Mark II. In the first one, the early one, Schumpeter argued that the innovation and technological change of a nation comes from the entrepreneurs, or wild spirits. He came up with the German word Unternehmergeist, meaning entrepreneur-spirit. He believed that these individuals are the ones who make things work in the economy of the country. In Mark II, later in the United States as professor at Harvard, he pointed out that the ones who really move the innovation and economy are the big companies which have the resources and capital to invest in research and development. Both arguments might be complementary today. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... Motto: (traditional) In God We Trust (official, 1956–present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York City Official language(s) None at the federal level; English de facto Government Federal Republic  - President George W. Bush (R)  - Vice President Dick Cheney (R) Independence - Declared - Recognized... Harvard University is a private university in Cambridge, Massachusetts, USA, and a member of the Ivy League. ...

The English literature preferred to use the French word entrepreneurship, but perhaps the German one would be more correct to understand the entrepreneur studies.

His legacy

For some time after his death, Schumpeter's views were most influential among heterodox economists, especially European, who were interested in industrial organization, evolutionary theory, and economic development, and who tended to be on the other end of the political spectrum of Schumpeter and were often also influenced by Keynes, Karl Marx, and Thorstein Veblen. Robert Heilbroner was one of Schumpeter's most renowned pupils, who wrote extensively about him in The Worldly Philosophers. Other outstanding students of Schumpeter's include the economist Nicholas Georgescu-Roegen and former chairman of the Federal Reserve, Alan Greenspan^[4]. Today, Schumpeter is 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. The concept of entrepreneurship cannot be fully understood without his contributions, being probably the first scholar to develop its theories. The European Union's innovation program, and its main development plan, the Lisbon Strategy, are based on Schumpeter. Heterodox economics [1] refers to approaches or schools of economic thought that do not conform to mainstream economics, which has largely developed from neoclassical economics in the late 19th century. ... This article is about evolution in biology. ... Thorstein Bunde Veblen (born Tosten Bunde Veblen July 30, 1857 – August 3, 1929) was a Norwegian-American sociologist and economist and a founder, along with John R. Commons, of the Institutional economics movement. ... Robert Heilbroner (March 24, 1919 – January 4, 2005) was an American economist. ... The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers is a book by Robert L. Heilbroner. ... Nicholas Georgescu-Roegen, born Nicolae Georgescu (ConstanÅ£a, Romania, 4 February 1906 – Nashville, Tennessee, 30 October 1994) was a Romanian mathematician, statistician and economist, best known for his 1971 magnum opus The Entropy Law and the Economic Process, which situated the view that the second law of thermodynamics, i. ... Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... The Lisbon Strategy, also known as the Lisbon Agenda or Lisbon Process, is an action and development plan for the European Union. ...

Major Works

• "Über die mathematische Methode der theoretischen Ökonomie", 1906, ZfVSV.
• "Das Rentenprinzip in der Verteilungslehre", 1907, Schmollers Jahrbuch
• Wesen und Hauptinhalt der theoretischen Nationalökonomie (transl. The Nature and Essence of Theoretical Economics), 1908.
• "On the Concept of Social Value", 1909, QJE
• Wie studiert man Sozialwissenschaft, 1910 (transl. by J.Z. Muller, "How to Study Social Science", Society, 2003)
• "Marie Esprit Leon Walras", 1910, ZfVSV.
• "Über das Wesen der Wirtschaftskrisen", 1910, ZfVSV
• Theorie der wirtschaftlichen Entwicklung (transl. The Theory of Economic Development: An inquiry into profits, capital, credit, interest and the business cycle) , 1911.
• Economic Doctrine and Method: An historical sketch, 1914.
• "Das wissenschaftliche Lebenswerk Eugen von Böhm-Bawerks", 1914, ZfVSV.
• Vergangenkeit und Zukunft der Sozialwissenschaft, 1915.
• The Crisis of the Tax State, 1918.
• "The Sociology of Imperialism", 1919, Archiv für Sozialwissenschaft und Sozialpolitik
• "Max Weber's Work", 1920, Der österreichische Volkswirt
• "Carl Menger", 1921, ZfVS.
• "The Explanation of the Business Cycle", 1927, Economica
• "Social Classes in an Ethnically Homogeneous Environment", 1927, Archiv für Sozialwissenschaft und Sozialpolitik.
• "The Instability of Capitalism", 1928, EJ
• Das deutsche Finanzproblem, 1928.
• "Mitchell's Business Cycles", 1930, QJE
• "The Present World Depression: A tentative diagnosis", 1931, AER.
• "The Common Sense of Econometrics", 1933, Econometrica
• "Depressions: Can we learn from past experience?", 1934, in Economics of the Recovery Program
• "The Nature and Necessity of a Price System", 1934, Economic Reconstruction.
• "Review of Robinson's Economics of Imperfect Competition", 1934, JPE
• "The Analysis of Economic Change", 1935, REStat.
• "Professor Taussig on Wages and Capital", 1936, Explorations in Economics.
• "Review of Keynes's General Theory", 1936, JASA
• Business Cycles: A theoretical, historical and statistical analysis of the Capitalist process, 1939.
• "The Influence of Protective Tariffs on the Industrial Development of the United States", 1940, Proceedings of AAPS
• "Alfred Marshall's Principles: A semi-centennial appraisal", 1941, AER.
• "Frank William Taussig", 1941, QJE.
• Capitalism, Socialism and Democracy, 1942.
• "Capitalism in the Postwar World", 1943, Postwar Economic Problems.
• "John Maynard Keynes", 1946, AER.
• "The Future of Private Enterprise in the Face of Modern Socialistic Tendencies", 1946, Comment sauvegarder l'entreprise privée
• Rudimentary Mathematics for Economists and Statisticians, with W.L.Crum, 1946.
• "Capitalism", 1946, Encyclopaedia Britannica.
• "The Decade of the Twenties", 1946, AER
• "The Creative Response in Economic History", 1947, JEH
• "Theoretical Problems of Economic Growth", 1947, JEH
• "Irving Fisher's Econometrics", 1948, Econometrica.
• "There is Still Time to Stop Inflation", 1948, Nation's Business.
• "Science and Ideology", 1949, AER.
• "Vilfredo Pareto", 1949, QJE.
• "Economic Theory and Entrepreneurial History", 1949, Change and the Entrepreneur
• "The Communist Manifesto in Sociology and Economics", 1949, JPE
• "English Economists and the State-Managed Economy", 1949, JPE
• "The Historical Approach to the Analysis of Business Cycles", 1949, NBER Conference on Business Cycle Research.
• "Wesley Clair Mitchell", 1950, QJE.
• "March into Socialism", 1950, AER.
• Ten Great Economists: From Marx to Keynes, 1951.
• Imperialism and Social Classes, 1951 (reprints of 1919, 1927)
• Essays on Economic Topics, 1951.
• "Review of the Troops", 1951, QJE.
• History of Economic Analysis, (published posthumously, ed. Elisabeth Boody Schumpeter), 1954.
• "American Institutions and Economic Progress", 1983, Zeitschrift fur die gesamte Staatswissenschaft
• "The Meaning of Rationality in the Social Sciences", 1984, Zeitschrift fur die gesamte Staatswissenschaft
• "Money and Currency", 1991, Social Research.
• Economics and Sociology of Capitalism, 1991.

See also

• Austrian School of economics
• List of Austrians
• List of Austrian scientists
• Social innovation
• Creative destruction
• Innovation

The Austrian School, also known as the “Vienna School” or the “Psychological School”, is a heterodox school of economic thought that advocates adherence to strict methodological individualism. ... The following list is a selection of famous Austrians. ... This is a list of Austrian scientists. ... Social Innovation refers to new strategies, concepts, ideas and organizations that meet social needs of all kinds - from working conditions and education to community development and health - and that extend and strengthen civil society. ... Creative destruction, introduced in 1942 by the economist Joseph Schumpeter, describes the process of transformation that accompanies radical innovation. ...

Notes

References

• Cheung, Edward "Baby Boomers, Generation X and Social Cycles" "The latest findings on Schumpeter's Creative Destruction."
• Harris, S. E. (ed.), 1951. Schumpeter: Social Scientist. Harvard University Press.
• Robbins, L. C., 1955, "Schumpeter's History of Economic Analysis," Quarterly Journal of Economics 69: 1-22.
• Muller, Jerry Z., 2002. The Mind and the Market: Capitalism in Western Thought. Anchor Books.
• Groenewegen, Peter, 2003. Classics and Moderns in Economics: Essays on Nineteenth And Twentieth Century Economic Thought: Vol. 2. Routledge. Chpt. 22, pp 203+.
• McCraw, Thomas K., 2007. Prophet of Innovation: Joseph Schumpeter and Creative Destruction. Belknap Press.
• Carayannis, E. G. and Ziemnowicz, C., 2007. Rediscovering Schumpeter. Palgrave Mcmillan. ISBN 978-1403942418.
• Harry Dahms 1995. "From Creative Action to the Social Rationalization of the Economy: Joseph A. Schumpeter's Social Theory." Sociological Theory 13 (1): 1-13.
• Richard Swedberg, Schumpeter: A Biography. Princeton: Princeton Uni Press, 1991.
• Michaelides, P. and Milios, J. (2005), Did Hilferding Influence Schumpeter?, History of Economics Review, Vol. 41, Winter, pp. 98-125.
• Michaelides, P. and Milios, J. (2004), Hilferding’s Influence on Schumpeter: A First Discussion, European Association for Evolutionary Political Economy Proceedings of the 16th Annual International Conference, Crete, Greece, 28-31 October (CD-ROM).
• Michaelides, P., Milios, J. and Vouldis, A. (2007), Schumpeter and Lederer on Economic Growth, Technology and Credit, European Association for Evolutionary Political Economy, Proceedings of the 19th Annual International Conference, Porto, 2007, 1-3 November (CD-ROM)...

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External links

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Joseph Schumpeter

• Andersen, Esben Sloth. Review of Schumpeter: A Biography. Journal of Economic Literature. Retrieved on December 4, 2007.
• Kilcullen, John. Reading Guide 10: Schumpeter, Capitalism, Socialism and Democracy. Macquarie University. Retrieved on December 4, 2007.
• Joseph A. Schumpeter. The New School. Retrieved on December 4, 2007.
• Drucker, Peter. Modern Prophets: Schumpeter and Keynes?. Retrieved on December 4, 2007.
• DeLong, J. Bradford. Creative Destruction's Reconstruction: Joseph Schumpeter Revisited. The Chronicle of Higher Education. Retrieved on December 4, 2007.
• McCraw, Thomas. Schumpeter’s Business Cycles as Business History. Business History Review.