20th century Austrian economist
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  • Joseph Schumpeter

    Joseph Alois Schumpeter (8 February 1883 – 8 January 1950) was an Austrian political economist. Born in Austria, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.

    Reference

    Schumpeter, Joseph (1883-1950), by Thomas M. Humphrey, The Encyclopedia of Libertarianism, 15 Aug 2008
    Biographical essay
    "A giant among 20th-century economists, Joseph Schumpeter is best known for his path-breaking work on capitalism, innovation, entrepreneurship, and growth. He coined the phrase creative destruction to describe capitalistic growth as the ceaseless killing off of old ways of doing business by the new. He is not often thought of as a libertarian. Nevertheless, with his love of free markets; ... his focus on the lone-wolf entrepreneur who against all odds creates the new products, markets, technologies, and organizations that propel the economy forward; ... and his hatred of war, Schumpeter has much in common with libertarians."

    Born

    8 Feb 1883, Joseph Alois Schumpeter, in Triesch, Moravia, Czech Republic

    Died

    8 Jan 1950, in Taconic, Connecticut

    Articles

    Anne Robert Jacques Turgot, Who First Put Laissez-Faire Principles into Action, by Jim Powell, The Freeman, Aug 1997
    Biographical essay, covering his life, works and involvement with the Physiocrats, as well as his accomplishments as an administrator
    "'Turgot was much too able a man to write anything insignificant,' observed intellectual historian Joseph A. Schumpeter. Commenting on his most important work, a slim volume, Schumpeter noted that 'it contains a theory of barter, price, and money that, so far as it goes, is almost faultless ... comprehensive vision of all the essential facts and their interrelations plus excellence of formulation.'"
    Capitalism and the Intellectuals [PDF], by Robert Nisbet, Regulation, Dec 1977
    Review of Paul Johnson's The Enemies of Society
    "As for why the system thus produced should have become the object of such sustained animosity, this is the same question, somewhat differently stated, that preoccupied the economist Joseph Schumpeter a half-century ago; and Johnson's own response to it is in the spirit of Schumpeter. Schumpeter wrote—and Mr. Johnson argues—that the demise of capitalism would come not from any revolt by the allegedly exploited working classes but from the erosion of 'precapitalist strata' such as family and social class and-more important, perhaps-from the 'alienation' of the intellectual class that capitalism had created."
    Eugen von Böhm-Bawerk: A Sesquicentennial Appreciation, by Richard Ebeling, The Freeman, Feb 2001
    Broad biographical essay, including Böhm-Bawerk relationships with Menger, Mises and Schumpeter, and his two major works
    "Another of Böhm-Bawerk's students, Joseph A. Schumpeter, spoke in the same glowing terms of his teacher, saying, 'he was not only one of the most brilliant figures in the scientific life of his time, but also an example of that rarest of statesmen, a great minister of finance . ... As a public servant, he stood up to the most difficult and thankless task of politics, the task of defending sound financial principles.' ... Joseph A. Schumpeter, 'Eugen von Böhm-Bawerk, 1851-1914,' reprinted in Schumpeter, Ten Great Economists: From Marx to Keynes ... p. 145."
    Non-Marxist Theories of Imperialism, by Alan Fairgate, Feb 1976
    Examines writings of critics of imperialism that are not based on Marxist analysis
    "Stromberg's analysis is strongly influenced by Joseph Schumpeter, who sought to formulate a non-Marxist theory of imperialism in his essay 'Imperialism' ... Schumpeter focused especially on the role of protectionism in facilitating the formation of cartels and trusts in the domestic economy and on the resulting distortions. His analysis stressed the intimate ties between bankers and the cartel organizers and noted that the two may often be identical. ... Schumpeter repeatedly stressed the 'atavistic' nature of imperialism, and argued that a capitalist system is inherently anti-imperialist ..."
    The Brilliance of Turgot, by Murray Rothbard, 1986
    Biography and review of Turgot's major writings; introduction to The Turgot Collection
    "In the light of Böhm-Bawerk's mistreatment, it is heart-warming to see Schumpeter's appreciative summation of Turgot's great contributions to economics. Concentrating almost exclusively on Turgot's 'Reflections,' Schumpeter declares that his theory of price formation is 'almost faultless, and, barring explicit formulation of the marginal principle, within measurable distance of that of Böhm-Bawerk.' ... Turgot's interest theory is 'not only by far the greatest performance ... the eighteenth century produced but it clearly foreshadowed much of the best thought of the last decades of the nineteenth.'"

    The introductory paragraph uses material from the Wikipedia article "Joseph Schumpeter" as of 24 Jul 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.