Author: Joseph A. Schumpeter

Joseph Alois Schumpeter (1883 - 1950) was an Austrian-American economist and political scientist. He popularized the term "creative destruction" in economics. According to Christopher Freeman (2009), a scholar who devoted much time researching Schumpeter's work: "the central point of his whole life work [is]: that capitalism can only be understood as an evolutionary process of continuous innovation and 'creative destruction' [This] is still not taken into the bosom of mainstream theory, although many now pay lip service to it."