Joseph Schumpeter

Jeffrey Muldoon and Douglass Smith

Chapter 12 in Elgar Encyclopedia of Innovation Management, 2025, pp 40-43 from Edward Elgar Publishing

Abstract: Joseph Schumpeter, one of the great economists of the 20th century, created and defined innovation as an important economic force. Schumpeter lived during a time of great upheaval: the collapse of empires, the rise of totalitarianism, nationalism, and several economic depressions. In addition, Schumpeter's personal life was filled with angst and tragedy. Schumpeter's writings reflected these trends in a way that straddled free market and Marxian economics. For instance, unlike other free-market economists, he noted that changes brought on by innovation could be damaging to the social fabric. But unlike Marx, Schumpeter believed that free markets create economic bounty. In essence, Schumpeter recognized the limits and gains of innovation. This entry examines how Schumpeter's life led to the creation of his various theories.

Keywords: Entrepreneurship; Capitalism; Innovation; Creative Destruction; Schumpeter Mark I; Schumpeter Mark II; Technology (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035306442
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