An Intellectual Profile Of Economic Thinker Joseph Schumpeter Summarizing The Thinker's Life And Thought

586 words - 2 pages

Joseph Schumpeter was born in Czechoslovakia in the year 1883, one of the most illustrious economists of the world and far ahead of his time. He is best known for his theory of “creative destruction” and is credited to have understood the dynamics of the capitalist economic process far clearly than any economist even today.Schumpeter is also known to have articulated valuable insights on theories of innovation, business cycles; economic indicators such as savings, income distribution, employment, monopoly and the effect of politics on the economy. He prompted a strictly theoretical approach in economics and discussed dynamics and static’s at a base level .He is said to have an ambivalent personality and went through failure as a minister of finance, a banker before embarking on the train of recognition at Harvard. He has 21 books and pamphlets, 127 articles and numerous other works to his name the most renowned book being “Capitalism, Socialism and Democracy”, which was published just 8 years before he died in 1950.“Can capitalism survive? No, I do not think it can” was the opening prologue to a section in the book. Schumpeter believed that capitalism would be destroyed by its success unlike Karl Marx who believed that it would be destroyed by the proletariat. Schumpeter believed that capitalism would destroy itself by attacking the very foundations that it was built upon like the system of private property and individual freedom. In a contribution to Encyclopedia Britannica, he stated that capitalism took place when leadership was handed over to a team of managers with abundant capital resources and division of labor.Schumpeter is attributed to have defined entrepreneurship, its concepts and differentiated between invention and innovation. He is said to have believed that innovation takes as much research...

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