Joseph Schumpeter

Joseph Alois Schumpeter (* 8. February 1883 in Triesch (Czech Třešť) in the then Austrian province Mähren (today to Tschechien); † 8. January 1950 in Taconic, Connecticut, the USA) was a Austrian economist anda much read author. Within the Neoklassik it takes an outsider role. It coined/shaped the term of the creative destruction by competition.

Schumpeter justified pioneer achievements with economic self-interest in his theory of the economic development (1911). Thus places itselfAccording to Schumpeter each inventor first as a monopolist . Only if imitators arise, the position of the inventors fades. Schumpeter recognized thus the interrelation from invention and imitation as driving force of the competition.

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with four years lost it his father. 1893 again married its nut/mother, a GermanHungarian Feldmarschalleutnant in the Austrian-Hungarian army. 1906 became this marriage divorced,however stepfather large influence on its education is to be to have had. 1901-1906 studied Schumpeter Rechtswissenschaften in Vienna. To this study at that time also numerous national economic lectures and examinations belonged.

One its teacher was the scientist and former Ministers of Finance Böhm Bawerk,its capital theory it to have affected is. In the academic years it had also contacts to the social-democratic party, where it and others Otto farmer to know learned. This supported 1919 its appointment to the Minister of Finance. Schumpeter was suitable also per finds of knowledge of the Marxist theory on.1906 he put his doctor exam down, whereupon stay in Cambridge, Oxford and Egypt followed. he married 1907.

1909-1911 first Professur in Czernowitz, Bukowina. 1911 Professur at the Karl Franzens university Graz. From 1914 to 1924 he workedin the service of state and economics. The appointment followed to the university in Bonn, on the chair for financial science. 1926 died its wife.

1927-1928, 1930 guest lectures to the Harvard University. 1932-1950 Harvard. 1937 he married the political economiesElizabeth Boody. 1908 „natures and main content of the theoretical political economy “. 1912 „theory of the economic development “. Further works followed also to sociological, philosophical and historical topics and for the use of mathematics in the economic science. Schumpeter is not considered usually as trailer to thatAustrian school .

Schumpeter died to 8. January 1950 at a brain impact.

contribution to the political economy (political economy)

  • process of the creative destruction
  • new coinage of the terms innovation, Innovator and elaboration their value for long waves in thateconomic development, which it gave the designation Kondratjew cycles.
  • Thought on the nature and on the motivation basis of the entrepreneur: it differentiates arbitrage entrepreneurs from creative entrepreneurs
  • intensive argument with the topics capitalism and socialism
  • an important thesis Schumpeters was the distinction between capitalists and entrepreneurs (Entrepreneurs). Entrepreneurs are characterised according to his opinion by the fact that they want to constantly improve their economic position by innovations. Therefore it is the entrepreneur spirit, which produces innovations and advances thus economic growth and social change. The connection between innovation activityand diffusion of the innovations remains however unsettled with Schumpeter.
  • In late 20. Century Schumpeters ideas in different growth theories were again taken up (Neo Schumpeterianer).

It is accepted that John Kenneth Galbraith in its work The new Industrial State of Schumpeters aspects that Co-operation was affected.

Schumpeter erred with the view of the interest. From ideas it derived Knut Wicksells that in a stationary economy, D. h. in an economy, in which neither one saves nor one invests, the interest equal zero is.This is considered as disproved, since also in a stationary economy a capital existence exists, although this does not grow. Here could already supply Schumpeters compatriot Eugen of Böhm Bawerk theoretical counterarguments.

contributions to neighbour sciences

in particular by already in thatSchumpeter worked American emigration during the Second World War published famous workCapitalism, Socialism , and Democracy “far in the political science (democracy theory) and the sociology inside, there early also particularly on the financial sociology.


  • natures and main content of the theoretical political economy, 1908
  • as study one social science, 1910
  • theory of the economic development, 1911
  • Businesses Cycles, 1939
  • Capitalism, Socialism, and Democracy, 1942
  • History OF Economic analysis, 1954


  • Schumpeter, Joseph: Theory of the economic development; new translation. In: The American journalOF economics and sociology: publication. quarterly into the OF constructive interest synthesis into the social sciences under grants from the Francis Nelson find and the Robert Schalkenbach Foundation. Volume. 61, No. 2 (2002), S. 405-437
  • smelling pool of broadcasting corporations Swedberg: JosephA. Schumpeter. A biography, Stuttgart 1994.
  • Christian Pirker: Joseph A. Schumpeter and the study of the social science. A contribution to Austrian science history, complaint ford 1999. (= retrospectives in things education, R. 2 (studies), No. 27)

see also

Evolutionsökonomik, Destruktivität

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