Joseph Schumpeter the “father” of capitalist “creative destruction”

posted by
February 8, 2016
Future of Freedom Foundation
by Richard M Ebeling  
Posted in Commentary

"Today is Austrian-born economist, Joseph A. Schumpeter's, birthday. Born on February 8, 1883, he died on January 8, 1950. Schumpeter is famous as a leading 20th century formulator of the notion of the entrepreneur as dynamic innovator of change, and also as a master of the history of economic ideas." (02/08/16)  

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  • dL

    Schumpeter’s “creative destruction” was his “class theory” explanation of how capitalism terminated at the walrasian auctioneer(state socialism). So, he got the version of totalitarianism wrong. Interestingly, most choose to only extract the creative destruction part to pose it as the engine of dynamic capitalism in perpetuity, which is not his theory.

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