Joseph Schumpeter was an Austrian-born economist who taught at Harvard from 1932 until his death, and who argued that capitalism advances not through gentle equilibrium adjustment but through waves of entrepreneurial innovation that continually destroy the firms, products and industries that preceded them. His 1942 book Capitalism, Socialism and Democracy named this process creative destruction and called it the essential fact about capitalism, a phrase that became the standard economic account of why protecting incumbent firms from competition can slow the very innovation it is meant to encourage.
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NationalityAustrian, later American 1 Joseph Schumpeter
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Schumpeter studied entrepreneurship and innovation-driven change under the same evolutionary economics term, though in a distinct, non-Darwinian sense from Veblen's original framing.
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Additional Source WikipediaPaul Samuelson, infobox Doctoral advisor field and Graduate studies section
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Wikimedia FoundationCapitalism, Socialism and Democracy / creative destruction
This process of Creative Destruction is the essential fact about capitalism.
- Concepts Originated: Creative Destruction, Creative destruction, Origin section
Associated With School: Evolutionary Economics, Evolutionary economics, Emergence as a separate field of study section
Further researchers, such as Joseph Schumpeter, studied entrepreneurship and innovation using this term, but not in the Darwinian sense.
Influenced: Paul Samuelson, Paul Samuelson, infobox Doctoral advisor field and Graduate studies section
As a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen.
View the Source Joseph Schumpeter (Wikipedia)
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February 8, 1883
Lead section, death date
January 8, 1950)
In Group: Growth, Innovation and Human Capital Economists, Body
Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner Sombart.
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