Joseph Schumpeter

Schumpeter was born in 1883 in Triesch, Habsburg Moravia (now Třešť in the Czech Republic,{{cite web |title=Encyclopedia: Joseph Schumpeter |url= https://www.encyclopedia.com/people/social-sciences-and-law/economics-biographies/joseph-alois-schumpeter}} then part of Austria-Hungary), to German-speaking Catholic parents. Though both of his grandmothers were Czech, Schumpeter did not acknowledge his Czech ancestry.{{cite book |last=Allen |first=Robert Loring |title=Opening Doors: the Life and Work of Joseph Schumpeter: Europe (Volume 1) |year=1991 |asin=B00ZY8X8D4}} His father, who owned a factory, died when Joseph was only four years old.{{cite book |last= Reisman |first= David A. |year=2004 |title= Schumpeter's Market: Enterprise and Evolution |location= Cheltenham |publisher=Edward Elgar Publishing |page=4 |url= https://books.google.com/books?id=Cd5-_TCGx4YC&pg=PA4 |via=Google Books |access-date=July 23, 2022 |isbn= 978-1845420857 }} In 1893, Joseph and his mother moved to Vienna.{{cite book |last=Shionoya |first=Yuichi |year=2007 |title= Schumpeter and the Idea of Social Science: A Metatheoretical Study |publisher=Cambridge University Press |url= https://books.google.com/books?id=4tpDcLNE1OsC&pg=PA14 |page=14 |access-date=December 19, 2019|isbn=978-0521037969 }} Schumpeter was a loyal supporter of Franz Joseph I of Austria.

Schumpeter was educated at the Theresianum and began his career studying law at the University of Vienna under Eugen von Böhm-Bawerk, an economic theorist of the Austrian School. In 1906, he received his doctoral degree from the University of Vienna's faculty of law, with a specialisation in economics.{{cite web |last1=Ebeling |first1=Richard M. |title=Joseph A. Schumpeter, Outsider Looking In |url= https://www.aier.org/article/joseph-a-schumpeter-outside-looking-in/ |work=American Institute for Economic Research |date=January 13, 2020 |access-date=5 December 2023}} In 1909, after some study trips, he became a professor of economics and government at the University of Czernowitz in modern-day Ukraine. In 1911, he joined the University of Graz, where he remained until World War I.

In 1913–1914, Schumpeter taught at Columbia University as an invited professor. This invitation marked, according to Wolfgang Stolper, the "high point of his worldly success".{{cite book|access-date=2024-01-17|date=2019-01-15|first1=Wolfgang F.|isbn=978-0-691-19449-3|language=en|last1=Stolper|publisher=Princeton University Press|title=Joseph Alois Schumpeter: The Public Life of a Private Man|url= https://books.google.com/books?id=xah6DwAAQBAJ}} He taught economic theory and met Irving Fisher and Wesley Clair Mitchell.{{cite book|access-date=2024-01-17|date=2013-05-02 |first1=Richard |isbn=978-0-7456-6870-3 |last1=Swedberg |publisher=John Wiley & Sons |title=Joseph A. Schumpeter: His Life and Work|url= https://books.google.com/books?id=ORUNAAAAQBAJ}} Columbia awarded him an honorary doctorate.{{cite book|access-date=2024-01-17|date=2017-12-02|first1=Robert Loring|isbn=978-1-351-50152-1|language=en|last1=Allen|publisher=Routledge|title=Opening Doors: Life and Work of Joseph Schumpeter: Volume 2, America |url= https://books.google.com/books?id=DFYPEAAAQBAJ}}

In 1918, Schumpeter was a member of the Socialisation Commission established by the Council of the People's Deputies in Germany.{{cite web |title=Corporate Finance Institute Joseph Schumpeter |url= https://corporatefinanceinstitute.com/resources/economics/joseph-schumpeter/}} In March 1919, he was invited to take office as Minister of Finance in the Republic of German-Austria. He proposed a capital levy as a way to tackle the war debt and opposed the socialization of the Alpine Mountain plant.{{cite journal |last=Seidl |first=Christian |date=1994 |title=The Bauer-Schumpeter Controversy on Socialisation |journal=History of Economic Ideas |publisher=Accademia Editoriale |volume=2 |issue=2 |pages=54–67 |jstor=23722217}} In 1921, he became president of the private Biedermann Bank. He was also a board member at the Kaufmann Bank. Problems at those banks left Schumpeter in debt. His resignation was a condition of the takeover of the Biedermann Bank in September 1924.{{cite book|last=Allen|first=Robert Loring |title=Opening Doors: The Life and Work of Joseph Schumpeter|url= https://archive.org/details/openingdoorslife0000alle |url-access=registration |quote=Schumpeter Biedermann Bank |year=1991 |publisher=Transaction |pages= [https://archive.org/details/openingdoorslife0000alle/page/186 186]–189 |isbn=9781412815611 |access-date=December 19, 2019}}

From 1925 until 1932, Schumpeter held a chair at the University of Bonn, Germany. He lectured at Harvard in 1927–1928 and 1930. In 1931, he was a visiting professor at the Tokyo College of Commerce.{{cite book|url= https://books.google.com/books?id=0MOvnC7b8qsC&dq=Schumpeter+visiting+professor+at+the+Tokyo+College+of+Commerce&pg=PA5 |page=5 |title=Entrepreneurship, Competitiveness and Local Development |editor-first=Luca |editor-last=Iandoli |editor-first2=Hans |editor-last2=Landström |editor-first3= Mario |editor-last3=Raffa |date=2007 |publisher=Edward Elgar |isbn=9781847208736 |via=Google Books |access-date=December 15, 2024}} In 1932, Schumpeter moved to the United States, and soon began what would become extensive efforts to help fellow central European economists displaced by Nazism.McCraw, Prophet of Innovation, pp. 231–232. Schumpeter's last visit to Europe was in 1937.{{Cite journal |last=Leontief |first=Wassily |date=1950 |title=Joseph A. Schumpeter (1883-1950) |url=https://www.jstor.org/stable/1907263 |journal=Econometrica |volume=18 |issue=2 |pages=103–110 |doi=10.2307/1907263 |jstor=1907263 |issn=0012-9682}} Schumpeter also became known for his opposition to Marxism, although he still believed the triumph of socialism to be inevitable in the long run{{Cite web |title=Joseph Schumpeter and the Economics of Imperialism |url=https://jacobin.com/2022/01/joseph-schumpeter-economics-imperialism-marxism |access-date=2025-04-09 |website=jacobin.com |language=en-US}}. He also criticized Franklin Roosevelt's New Deal.McCraw, pp. 317–321 In 1939, Schumpeter became a US citizen. At the beginning of World War II, the FBI investigated him and his wife, Elizabeth Boody (a prominent scholar of Japanese economics) for Nazi sympathies, but found no evidence of such leanings.{{cite book |editor-first=Luca |editor-last=Iandoli |editor-first2=Hans |editor-last2=Landström |editor-first3= Mario |editor-last3=Raffa |title=Entrepreneurship, competitiveness and local development: frontiers in European entrepreneurship research |date=2007 |publisher=Edward Elgar |isbn=9781847203274 |page=5}}McCraw, pp. 337–343

At Harvard, Schumpeter was considered a memorable character, erudite, and even showy in the classroom. He became known for his heavy teaching load and his personal and painstaking interest in his students. He served as the faculty advisor of the Graduate Economics Club and organized private seminars and discussion groups.McCraw, Prophet of Innovation, pp. 210–217. Some colleagues thought his views were outdated by Keynesianism, which was fashionable; others resented his criticisms, particularly of their failure to offer an assistant professorship to Paul Samuelson, but recanted when they thought him likely to accept a position at Yale University.McCraw, pp. 273–278, 306–3311. This period of his life was characterized by hard work and comparatively little recognition of his massive two-volume book Business Cycles. However, Schumpeter persevered, and in 1942 published what became the most popular of all his works, Capitalism, Socialism and Democracy, reprinted many times and in many languages in the following decades, as well as cited thousands of times.McCraw pp. 347 et seq.

The source of Schumpeter's dynamic, change-oriented, and innovation-based economics was the historical school of economics. Although his writings could be critical of that perspective, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the historical school, especially the work of Gustav von Schmoller and Werner Sombart.{{cite web|url= http://users.ntua.gr/jmilios/MichaelidesMiliosEAEPE2005.pdf |title=PG Michaelides, The Influence of the German Historical School on Schumpeter, 17th International Conference of the European Association for Evolutionary Political Economy |location=Bremen, Germany |date=November 2005}}{{cite journal|last=Michaelides |first=Panayotis G. |year=2009|title=Joseph Schumpeter and the German Historical School|journal=Cambridge Journal of Economics |volume=33 |issue=3 |pages=495–516 |doi=10.1093/cje/ben052 |citeseerx=10.1.1.903.6952}} Despite being born in Austria and having trained with many of the same economists, some argue he cannot be categorized with the Austrian School of economics without major qualifications{{cite book |first=D. | last=Simpson | title=Neoclassical Economic Theory, 1870 to 1930 | chapter=The Austrian Tradition: Schumpeter and Mises |date=1990 |publisher=Springer |isbn=978-9400921818 |pages=201–249 |doi=10.1007/978-94-009-2181-8_6 |chapter-url= https://link.springer.com/chapter/10.1007/978-94-009-2181-8_6 |access-date=January 23, 2022}} while others maintain the opposite.{{cite journal |first=S. |last=Boehm |title=Joseph Schumpeter and the Austrian School of Economics |date=1987 |journal=Journal of Economic Studies |issn= 0144-3585 |volume=2 |issue=2 |pages=18–28 |doi=10.1108/eb002567 |url= https://doi.org/10.1108/eb002567 |access-date=July 23, 2022}} Schumpeter was also influenced by Léon Walras and the Lausanne School, calling Walras the "greatest of all economists".Schumpeter, J. A., 1994 [1954], History of Economic Analysis, Oxford University Press, p. 795

The Austrian sociologist Rudolf Goldscheid's concept of fiscal sociology influenced Schumpeter's analysis of the tax state.{{cite book|last=Swedberg |first=Richard |author-link=Richard Swedberg |year=1991 |chapter=Introduction: The Man and His Work |title=The Economics and Sociology of Capitalism |publisher=Princeton University Press |isbn=978-0691042534|chapter-url= https://books.google.com/books?id=t61SJFv39XcC&pg=PA48|page=48}} A 2012 paper showed that Schumpeter's writings displayed the influence of Francis Galton's work.{{cite journal|url= https://journals-openedition-org.translate.goog/interventionseconomiques/1753?_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en-US |title=L'influence de l'eugénisme galtonien dans la pensée de Joseph Alois Schumpeter |first=Fabrice |last=Dannequin|date=November 1, 2012 |journal=Revue Interventions économiques. Papers in Political Economy |issue=46 |doi=10.4000/interventionseconomiques.1753 |via=journals-openedition-org.translate.goog|doi-access=free }}

{{main|Evolutionary economics}}

According to Christopher Freeman (2009), "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'".{{cite book |title=Techno-economic paradigms: essays in honour of Carlota Perez |editor-first=Wolfgang |editor-last=Drechsler |editor-first2=Erik |editor-last2=Reinert |editor-first3=Rainer |editor-last3=Kattel |page=126 |date=2009 |publisher=Anthem Press |location=London |isbn=9781843317852}}

Schumpeter's scholarship is apparent in his posthumous History of Economic Analysis,{{cite book|last1=Schumpeter |first1=Joseph |title=History of Economic Analysis |date=1954 |publisher=George Allen and Unwin |location=London}} Schumpeter thought that the greatest 18th-century economist was Turgot rather than Adam Smith, and he considered Léon Walras to be the "greatest of all economists", beside whom other economists' theories were "like inadequate attempts to catch some particular aspects of Walrasian truth".{{cite web|url= http://www.hetwebsite.org/het/essays/margrev/phases.htm#aftermath |title=Phases of the Marginalist Revolution |publisher=HET |access-date=May 9, 2015|archive-url= https://web.archive.org/web/20130526154627/http://www.hetwebsite.org/het/essays/margrev/phases.htm |archive-date=May 26, 2013}} Schumpeter criticized John Maynard Keynes and David Ricardo for the "Ricardian vice". According to Schumpeter, both Ricardo and Keynes reasoned in terms of abstract models, where they would freeze all but a few variables. Then they could argue that one caused the other in a simple monotonic fashion. This led to the belief that one could easily deduce policy conclusions directly from a highly abstract theoretical model.

In this book, Joseph Schumpeter recognized the implication of a gold monetary standard compared to a fiat monetary standard. In History of Economic Analysis, Schumpeter stated the following: "An 'automatic' gold currency is part and parcel of a laissez-faire and free-trade economy. It links every nation's money rates and price levels with the money rates and price levels of all the other nations that are 'on gold.' However, gold is extremely sensitive to government expenditure and even to attitudes or policies that do not involve expenditure directly, for example, in foreign policy, certain policies of taxation, and, in general, precisely all those policies that violate the principles of [classical] liberalism. This is the reason why gold is so unpopular now and also why it was so popular in a bourgeois era."{{cite web|first=Richard |last=Timberlake |title=Gold Standards and the Real Bills Doctrine in U.S. Monetary Policy |publisher=Econ Journal Watch |url= http://www.econjournalwatch.org/pdf/TimberlakeIntellectualTyrannyAugust2005.pdf |archive-url = https://web.archive.org/web/20050910125855/http://www.econjournalwatch.org/pdf/TimberlakeIntellectualTyrannyAugust2005.pdf |url-status=live |archive-date=September 10, 2005 |date=August 2005 |access-date=July 23, 2022}}

Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis – the theory of business cycles and development. Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic DevelopmentSchumpeter, J.A. The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle translated from the German by Redvers Opie (1961) New York: OUP with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state.{{cite web |title=Schumpeter, Joseph-1883-1950 |url= https://www.libertarianism.org/topics/schumpeter-joseph-1883-1950}} The stationary state is, according to Schumpeter, described by Walrasian equilibrium. The hero of his story is the entrepreneur.

The entrepreneur disturbs this equilibrium and is the prime cause of economic development, which proceeds cyclically along with several time scales. In fashioning this theory connecting innovations, cycles, and development, Schumpeter kept alive the Russian Nikolai Kondratiev's ideas on 50-year cycles, Kondratiev waves.

Schumpeter suggested a model in which the four main cycles, Kondratiev (54 years), Kuznets (18 years), Juglar (9 years), and Kitchin (about 4 years) can be added together to form a composite waveform. A Kondratiev wave could consist of three lower-degree Kuznets waves.Recent research suggests that the Kuznets swing could be regarded as the third harmonic of the Kondratiev wave – see {{cite journal |last1=Korotayev |first1=Andrey V. |author-link=Andrey Korotayev |last2=Tsirel |first2=Sergey V. |title=A Spectral Analysis of World GDP Dynamics: Kondratieff Waves, Kuznets Swings, Juglar and Kitchin Cycles in Global Economic Development, and the 2008–2009 Economic Crisis |journal=Structure and Dynamics |date=7 January 2010 |volume=4 |issue=1 |doi=10.5070/SD941003306 |url= http://www.escholarship.org/uc/item/9jv108xp |access-date=25 June 2022|doi-access=free }} Each Kuznets wave could, itself, be made up of two Juglar waves. Similarly two (or three) Kitchin waves could form a higher degree Juglar wave. If each of these were in phase; more importantly, if the downward arc of each was simultaneous so that the nadir of each was coincident, it would explain disastrous slumps and consequent depressions. As far as the segmentation of the Kondratiev Wave, Schumpeter never proposed such a fixed model. He saw these cycles varying in time – although in a tight time frame by coincidence – and for each to serve a specific purpose.

{{Economic Waves}}

In Schumpeter's theory, Walrasian equilibrium is not adequate to capture the key mechanisms of economic development. Schumpeter also thought that the institution enabling the entrepreneur to buy the resources needed to realize his vision was a well-developed capitalist financial system, including a whole range of institutions for granting credit. One could divide economists among (1) those who emphasized "real" analysis and regarded money as merely a "veil" and (2) those who thought monetary institutions were important and money could be a separate driving force. Both Schumpeter and Keynes were among the latter.{{cite web |title=Joseph Schumpeter |url= http://www.thelatinlibrary.com/imperialism/notes/schumpeter.html |access-date=2022-10-13 |website=thelatinlibrary.com}}

{{more citations needed section|date=February 2019}}

Schumpeter's most popular book in English is probably Capitalism, Socialism and Democracy. While he agrees with Karl Marx that capitalism will collapse and be replaced by socialism, Schumpeter predicts a different way this will come about. While Marx predicted that capitalism would be overthrown by a violent proletarian revolution, which occurred in the least capitalist countries, Schumpeter believed that capitalism would gradually weaken itself and eventually collapse. Specifically, the success of capitalism would lead to corporatism and to values hostile to capitalism, especially among intellectuals.

"Intellectuals" are a social class in a position to critique societal matters for which they are not directly responsible and to stand up for the interests of other classes. Intellectuals tend to have a negative outlook on capitalism, even while relying on it for prestige because their professions rely on antagonism toward it. The growing number of people with higher education is a great advantage of capitalism, according to Schumpeter. Yet, unemployment and a lack of fulfilling work will lead to intellectual critique, discontent, and protests.

Parliaments will increasingly elect social democratic parties, and democratic majorities will vote for restrictions on entrepreneurship. Increasing workers' self-management, industrial democracy and regulatory institutions would evolve non-politically into "liberal capitalism". Thus, the intellectual and social climate needed for thriving entrepreneurship will be replaced by some form of "laborism". This will exacerbate "creative destruction" (a borrowed phrase to denote an endogenous replacement of old ways of doing things by new ways), which will ultimately undermine and destroy the capitalist structure.

Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy.{{cite journal |last1=Medearis |first1=John |title=Schumpeter, the New Deal, and Democracy |journal=American Political Science Review |date=December 1997 |volume=91 |issue=4 |pages=819–832 |doi=10.2307/2952166|jstor=2952166 |s2cid=144892143 }}

William Fellner, in the book Schumpeter's Vision: Capitalism, Socialism and Democracy After 40 Years, noted that Schumpeter saw any political system in which the power was fully monopolized as fascist.{{cite book |last1=Heertje |first1=Arnold |title=Schumpeter's Vision: Capitalism, Socialism and Democracy After 40 years |date=1981 |publisher=Praeger |location=New York City |pages=50–54}}

In the same book, Schumpeter expounded on a theory of democracy that sought to challenge what he called the "classical doctrine".{{cite web |title=An Unacknowledged Adversary: Carl Schmitt, Joseph Schumpeter, and the Classical Doctrine of Democracy |first=JanaLee |last=Cherneski |date=July 2013 |url= https://ora.ox.ac.uk/objects/uuid:30d29ff5-4fdc-4859-b351-6a0cfa80c8d3/files/mfc87b72a1f12aa31c0264dfdd395265f |access-date=December 15, 2024}} He disputed the idea that democracy was a process by which the electorate identified the common good, and politicians carried this out for them. He argued this was unrealistic, and that people's ignorance and superficiality meant that they were largely manipulated by politicians, who set the agenda. Furthermore, he claimed that even if the common good was possible to find, it would still not make clear the means needed to reach its end, since citizens do not have the requisite knowledge to design government policy.{{cite book|last1=Schumpeter|first1=Joseph |title=Capitalism, Socialism, and Democracy |url= https://archive.org/details/in.ernet.dli.2015.190072 |date=1942 |publisher=Harper and Brothers |page=[https://archive.org/details/in.ernet.dli.2015.190072/page/n259 252] |edition=1st}} This made a 'rule by the people' concept both unlikely and undesirable. Instead, he advocated a minimalist model, much influenced by Max Weber, whereby democracy is the mechanism for competition between leaders, much like a market structure. Although periodic votes by the general public legitimize governments and keep them accountable, the policy program is very much seen as their own and not that of the people, and the participatory role of individuals is usually severely limited.

Schumpeter defined democracy as the method by which people elect representatives in competitive elections to carry out their will.{{cite book |editor-first=Ian |editor-last=Shapiro |editor-first2=Casiano |editor-last2=Hacker-Cordón |title=Democracy's value |date=1999 |publisher=Cambridge University Press |isbn=9780521643887 |last1=Przeworski |first1=Adam |chapter=Minimalist Conception of Democracy: A Defense}} This definition has been described as simple, elegant and parsimonious, making it clearer to distinguish political systems that either fulfill or fail these characteristics.{{cite book|url= https://books.google.com/books?id=f482bYQM9xgC&q=schumpeter+enfranchisement&pg=PA219 |title=Russian Politics: Challenges of Democratization |last1=Barany |first1=Zoltan |last2=Moser |first2=Robert G. |date=August 27, 2001 |publisher=Cambridge University Press |isbn=9780521805124 |via=Google Books |access-date=June 14, 2022}} This minimalist definition stands in contrast to broader definitions of democracy, which may emphasize aspects such as "representation, accountability, equality, participation, justice, dignity, rationality, security, freedom". Within such a minimalist definition, states which other scholars say have experienced democratic backsliding and which lack civil liberties, a free press, the rule of law and a constrained executive, would still be considered democracies.{{Cite journal|last1=Bidner |first1=Chris |last2=Francois |first2=Patrick |last3=Trebbi |first3=Francesco |date=2014 |title=A Theory of Minimalist Democracy |journal=NBER Working Papers |url= https://ideas.repec.org/p/nbr/nberwo/20552.html|language=en}}{{cite journal|url= https://www.journalofdemocracy.org/articles/elections-without-democracy-thinking-about-hybrid-regimes/ |title=Elections Without Democracy: Thinking About Hybrid Regimes |journal=Journal of Democracy |first=Larry |last=Diamond |volume=13 |issue=2 |date=April 2002 |pages=21–35 |doi=10.1353/jod.2002.0025 |s2cid=154815836 |access-date=July 23, 2022}} For Schumpeter, the formation of a government is the endpoint of the democratic process, which means that for the purposes of his democratic theory, he has no comment on what kinds of decisions that the government can take to be a democracy.{{cite book|url= https://muse.jhu.edu/book/3406 |title=Measuring Democracy: A Bridge between Scholarship and Politics |last=Munck |first=Gerardo L. |date=2009 |publisher=Johns Hopkins University Press |isbn=9780801896507}} Schumpeter faced pushback on his theory from other democratic theorists, such as Robert Dahl, who argued that there is more to democracy than simply the formation of government through competitive elections.

Schumpeter's view of democracy has been described as "elitist", as he criticizes the rationality and knowledge of voters, and expresses a preference for politicians making decisions.{{cite journal|last=Piano |first=Natasha |date=January 16, 2019 |title=Revisiting Democratic Elitism: The Italian School of Elitism, American Political Science, and the Problem of Plutocracy |journal=The Journal of Politics |volume=81 |issue=2 |pages=524–538 |doi=10.1086/701636 |s2cid=159423921 |issn=0022-3816}}{{cite book|url= https://books.google.com/books?id=8UITDAAAQBAJ&q=schumpeter+dahl+democracy&pg=PA27 |title=Regimes and Democracy in Latin America: Theories and Methods |last1=Munck |first1=Gerardo Luis |date=2007 |publisher=Oxford University Press |isbn=9780199219902 |via=Google Books |access-date=14 June 2022}}{{cite book|title=Law, Pragmatism, and Democracy |last=Posner |first=Richard |publisher=Harvard University Press |pages=183–184}} Democracy is therefore in a sense a means to ensure circulation among elites. However, studies by Natasha Piano of the University of Chicago emphasize that Schumpeter had substantial disdain for elites as well.{{cite journal|last=Piano |first=Natasha |date=October 2, 2017 |title="Schumpeterianism" Revised: The Critique of Elites in Capitalism, Socialism and Democracy |journal=Critical Review |volume=29 |issue=4 |pages=505–529 |doi=10.1080/08913811.2017.1458501|s2cid=150201729| issn=0891-3811}}

The field of entrepreneurship theory owed much to Schumpeter's contributions. His fundamental theories are often referred to{{cite journal |last1=Fontana |first1=Roberto |first2=Alessandro |last2=Nuvolari |first3=Hiroshi |last3=Shimitzu |first4=Andrea |last4=Vezzulli |year=2012 |title=Schumpeterian patterns of innovation and the sources of breakthrough inventions: Evidence from a Data-Set of R&D Awards |url= https://pascal.iseg.utl.pt/~depeco/wp/wp242012.pdf |journal=School of Economics and Management, Technical University of Lisbon, Department of Economics |volume=WP 24/2012/DE/UECE Working Papers |issn=0874-4548 |pages=2–37 |access-date=July 24, 2018 |archive-date=October 8, 2018 |archive-url= https://web.archive.org/web/20181008101726/http://pascal.iseg.utl.pt/~depeco/wp/wp242012.pdf |url-status=dead }} as Mark I and Mark II. In Mark I, Schumpeter argued that the innovation and technological change of a nation come from entrepreneurs or wild spirits. He coined the word Unternehmergeist, German for "entrepreneur-spirit", and asserted that "... the doing of new things or the doing of things that are already being done in a new way"{{cite journal |last1=Schumpeter |first1=J.A. |year=1947 |title=The Creative Response in Economic History |journal=Journal of Economic History |volume=7 |issue=2 | pages=149–159 |doi=10.1017/s0022050700054279|s2cid=155049567 }} stemmed directly from the efforts of entrepreneurs.

Schumpeter developed Mark II while a professor at Harvard. Many social economists and popular authors of the day argued that large businesses had a negative effect on the standard of living of ordinary people. Contrary to this prevailing opinion, Schumpeter argued that the agents that drive innovation and the economy are large companies that have the capital to invest in research and development of new products and services and to deliver them to customers more cheaply, thus raising their standard of living. In one of his seminal works, Capitalism, Socialism and Democracy, Schumpeter wrote:

{{blockquote|As soon as we go into details and inquire into the individual items in which progress was most conspicuous, the trail leads not to the doors of those firms that work under conditions of comparatively free competition but precisely to the door of the large concerns – which, as in the case of agricultural machinery, also account for much of the progress in the competitive sector – and a shocking suspicion dawns upon us that big business may have had more to do with creating that standard of life than with keeping it down.{{cite book|last=Schumpeter |first=Joseph |title=Capitalism, Socialism and Democracy |year=1942 |publisher=Harper and Roe Publishers |location=New York |page=82}}

}}

{{As of | 2017}} Mark I and Mark II arguments are considered complementary.

Schumpeter was the most influential thinker to argue that long cycles are caused by innovation and are an incident of it. His treatise on how business cycles developed was based on Kondratiev's ideas which attributed the causes very differently. Schumpeter's treatise brought Kondratiev's ideas to the attention of English-speaking economists. Kondratiev fused important elements that Schumpeter missed. Yet, the Schumpeterian variant of the long-cycles hypothesis, stressing the initiating role of innovations, commands the widest attention today.Freeman, Christopher, ed. Long Wave Theory, International Library of Critical Writings in Economics: Edward Elgar, 1996

In Schumpeter's view, technological innovation is the cause of both cyclical instability and economic growth. Fluctuations in innovation cause fluctuations in investment and those cause cycles in economic growth. Schumpeter sees innovations as clustering around certain points in time that he refers to as "neighborhoods of equilibrium" when entrepreneurs perceive that risk and returns warrant innovative commitments. These clusters lead to long cycles by generating periods of acceleration in aggregate growth.Rosenberg, Nathan. "Technological Innovation and Long Waves." In Exploring the Black Box: Technology, Economics, and History, 62–84. Cambridge, UK: Cambridge University Press, 1994.

The technological view of change needs to demonstrate that changes in the rate of innovation govern changes in the rate of new investments and that the combined impact of innovation clusters takes the form of fluctuation in aggregate output or employment. The process of technological innovation involves extremely complex relations among a set of key variables: inventions, innovations, diffusion paths, and investment activities. The impact of technological innovation on aggregate output is mediated through a succession of relationships that have yet to be explored systematically in the context of the long wave. New inventions are typically primitive, their performance is usually poorer than existing technologies and the cost of their production is high. A production technology may not yet exist, as is often the case in major chemical and pharmaceutical inventions. The speed with which inventions are transformed into innovations and diffused depends on the actual and expected trajectory of performance improvement and cost reduction.{{cite journal |last=Mansfield |first=Edwin |date=May 1983 |title=Long Waves and Technological Innovation |journal=The American Economic Review |volume=73 |issue=2 |pages=141–145 |jstor=1816829}}

Schumpeter identified innovation as the critical dimension of economic change.{{cite book |last1=Pol |first1=Eduardo |last2=Carroll |first2=Peter |title=An introduction to economics with emphasis on innovation |date=2006 |publisher=Thomson Custom Publishing for University of Wollongong |isbn=978-0170133005}} He argued that economic change revolves around innovation, entrepreneurial activities, and market power.{{cite book |last=Ziemnowicz |first=Christopher |editor-last=Carayannis |editor-first=Elias G. |title=Encyclopedia of creativity, invention, innovation and entrepreneurship. |date=2020 |publisher=Springer |isbn=978-3319153469 |edition=Second |chapter=Joseph A. Schumpeter and Innovation}} He sought to prove that innovation-originated market power can provide better results than the invisible hand and price competition.{{cite journal |last=Nakamura |first=Leonard I. |title=Economics and the New Economy: The Invisible Hand Meets Creative Destruction |journal=Business Review – Federal Reserve Bank of Philadelphia |date=July 2000 |pages=15–30 |url= https://www.philadelphiafed.org/-/media/research-and-data/publications/business-review/2000/july-august/brja00ln.pdf |access-date=December 19, 2019}} He argued that technological innovation often creates temporary monopolies, allowing abnormal profits that would soon be competed away by rivals and imitators. These temporary monopolies were necessary to provide the incentive for firms to develop new products and processes.

The World Bank's "Doing Business" report was influenced by Schumpeter's focus on removing impediments to creative destruction. The creation of the report is credited in part to his work.

Schumpeter was married three times.{{cite journal |last=Hawthorn |first=Geoffrey |title=Schumpeter the Superior |journal=London Review of Books |date=February 27, 1992 |volume=14 |issue=4 |url= https://www.lrb.co.uk/the-paper/v14/n04/geoffrey-hawthorn/schumpeter-the-superior |access-date=December 19, 2019}} His first wife was Gladys Ricarde Seaver, an Englishwoman nearly 12 years his senior (married 1907, separated 1913, divorced 1925). His best man at his wedding was his friend and Austrian jurist Hans Kelsen. His second was Anna Reisinger, 20 years his junior and daughter of the concierge of the apartment where he grew up. As a divorced man, he and his bride converted to Lutheranism to marry.{{cite book |last=Swedberg |first=Richard |title=Joseph A. Schumpeter: His Life and Work |date=2013 |publisher=John Wiley & Sons |isbn=978-0745668703 |page=1894 |url= https://books.google.com/books?id=ORUNAAAAQBAJ&q=Annie+as+well+as+Schumpeter+had+to+convert+to+Lutheranism+in+order+to+marry&pg=RA1-PA1894 |access-date=December 19, 2019}} They married in 1925, but within a year, she died in childbirth. The loss of his wife and newborn son came only weeks after Schumpeter's mother had died. Five years after arriving in the US, in 1937, at the age of 54, Schumpeter married the American economic historian Dr. Elizabeth Boody (1898–1953), who helped him popularize his work and edited what became their magnum opus, the posthumously published History of Economic Analysis.{{cite book |last=Andersen |first=Esben S. |title=Joseph A. Schumpeter: a theory of social and economic evolution |date=2011 |publisher=Palgrave Macmillan |isbn=978-1403996275}} Elizabeth assisted him with his research and English writing until his death.{{cite web |title=Romaine Elizabeth (Boody) Schumpeter, 1898-1953 - Social Networks and Archival Context |url= https://snaccooperative.org/ark:/99166/w60x2t0t |website=snaccooperative.org}}

Schumpeter claimed that he had set himself three goals in life: to be the greatest economist in the world, to be the best horseman in all of Austria, and the greatest lover in all of Vienna. He said he had reached two of his goals, but he never said which two,{{cite book |last1=Viksnins |first1=George J. |title=Economic systems in historical perspective |date=1997 |publisher=Kendall/Hunt Publishers |location=Dubuque, Iowa |isbn=9780787233761}}Schumpeter's Diary as quoted in "Prophet of Innovation" by Thomas McCraw, [https://books.google.com/books?id=wBXQOuQ73vwC&q=horseman&pg=PP1 p. 4]. although he is reported to have said that there were too many fine horsemen in Austria for him to succeed in all his aspirations.P. A. Samuelson and W. D. Nordhaus, Economics (1998, p. 178){{cite web |last1=Humphrey |first1=Thomas M. |title=Analyst of Change |url= https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2007/fall/pdf/book_review.pdf |publisher=Federal Reserve Bank of Richmond |access-date=May 12, 2019}}

Schumpeter died in his home in Taconic, Connecticut, at the age of 66, on the night of January 8, 1950.{{cite journal |last=Giersch |first=H. |date=May 1984 |title=The Age of Schumpeter |journal=The American Economic Review |publisher=American Economic Association |volume=74 |issue=2 |pages=103–109 |jstor=1816338}}

For some time after his death, Schumpeter's views were most influential among various heterodox economists, especially Europeans, who were interested in industrial organization, evolutionary theory, and economic development, and who tended to be on the other end of the political spectrum from Schumpeter and were also often influenced by Keynes, Karl Marx, and Thorstein Veblen. Robert Heilbroner was one of Schumpeter's most renowned pupils, who wrote extensively about him in The Worldly Philosophers. In the journal Monthly Review, John Bellamy Foster wrote of that journal's founder Paul Sweezy, one of the leading Marxist economists in the United States and a graduate assistant of Schumpeter's at Harvard, that Schumpeter "played a formative role in his development as a thinker".{{cite magazine |first=John Bellamy |last=Foster |title=Sweezy in Perspective |magazine=Monthly Review |url= http://www.monthlyreview.org/080526foster.php |date=May 2008 |access-date=September 21, 2010}} Other outstanding students of Schumpeter's include the economists Nicholas Georgescu-Roegen and Hyman Minsky and John Kenneth Galbraith and former chairman of the Federal Reserve, Alan Greenspan.{{cite book| quote =I've watched the process [creative destruction] at work through my entire career, | page= [https://archive.org/details/ageofturbulencea00gree/page/48 48] | last= Greenspan |first= Alan | title=The Age of Turbulence: Adventures in a New World |url= https://archive.org/details/ageofturbulencea00gree | url-access =registration |year=2007 |publisher=Penguin Press | isbn = 978-1594201318 }} Future Nobel Laureate Robert Solow was his student at Harvard, and he expanded on Schumpeter's theory.{{cite web|first=Mark |last=Thoma |url= http://economistsview.typepad.com/economistsview/2007/05/robert_solow_on.html |title=Robert Solow on Joseph Schumpeter |website=Economistsview.typepad.com |date=May 17, 2007 |access-date=September 21, 2010}}

Today, Schumpeter has a following outside standard textbook economics, in areas such as economic policy, management studies, industrial policy, and the study of innovation. Schumpeter was probably the first scholar to develop theories about entrepreneurship. For instance, the European Union's innovation program, and its main development plan, the Lisbon Strategy, are influenced by Schumpeter. The International Joseph A. Schumpeter Society awards the Schumpeter Prize.

The Schumpeter School of Business and Economics opened in October 2008 at the University of Wuppertal, Germany. According to University President Professor Lambert T. Koch, "Schumpeter will not only be the name of the Faculty of Management and Economics, but this is also a research and teaching programme related to Joseph A. Schumpeter."{{cite news|title=Opening ceremony: Schumpeter School of Business and Economics |publisher=University of Wuppertal |url= http://www.wiwi.uni-wuppertal.de/en/schumpeter-school/opening-ceremony.html |date=July 8, 2011 |url-status=dead |archive-url= https://web.archive.org/web/20111001050017/http://www.wiwi.uni-wuppertal.de/en/schumpeter-school/opening-ceremony.html |archive-date=October 1, 2011 }}

On September 17, 2009, The Economist inaugurated a column on business and management named "Schumpeter".{{cite magazine |title=Schumpeter: Taking flight |date=September 17, 2009 |magazine=The Economist |url= https://www.economist.com/business/2009/09/17/taking-flight |access-date=December 19, 2019}} The publication has a history of naming columns after significant figures or symbols in the covered field, including naming its British affairs column after former editor Walter Bagehot and its European affairs column after Charlemagne. The initial Schumpeter column praised him as a "champion of innovation and entrepreneurship" whose writing showed an understanding of the benefits and dangers of business that proved to be far ahead of its time.

Schumpeter's thoughts inspired the economic theory of Adam Przeworski.{{cite journal|first1=Arthur J. |last1=Jacobson |first2=John P. |last2=McCormick |url= https://academic.oup.com/icon/article/3/4/706/792056?searchresult=1 |title=The business of democracy is democracy |journal=International Journal of Constitutional Law |volume=3 |issue=4 |date=October 1, 2005 |pages=706–722 |doi=10.1093/icon/moi049 |issn=1474-2659 |access-date=December 5, 2023|doi-access=free }}

• {{cite book | last = Schumpeter |first=Joseph A. |title = Über die mathematische Methode der theoretischen Ökonomie | publisher=Wien |series= Zeitschrift für Volkswirtschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1906 | oclc = 809174553 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Das Rentenprinzip in der Verteilungslehre | publisher = Jahrbuch für Gesetzgebung, Verwaltung and Volkswirtschaft im Deutschen Reich | location = Germany | year = 1907 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie | url = https://archive.org/details/bub_gb_NnrwTE8tvRIC | publisher =Leipzig, Duncker & Humblot | location = Germany | year = 1908 | oclc = 5455469 }}

::Translated as: {{cite book |last=Schumpeter |first=Joseph A. |title=The Nature and Essence of Economic Theory |publisher=Transaction Publishers |location=New Brunswick, New Jersey |year=2010 |isbn=978-1412811507}} Translated by: Bruce A. McDaniel

• {{cite book | last = Schumpeter | first = Joseph A. | title = Methodological Individualism | location = Germany | year = 1908 | oclc = 5455469 }} Pdf of preface by F.A. Hayek and first eight pages.
• {{cite book | last = Schumpeter | first = Joseph A. | title = Bemerkungen über das Zurechnungsproblem | publisher = Wien | series = Zeitschrift für Wolkswirtschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1909 | oclc = 49426617 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Marie Ésprit Léon Walras | publisher = Zeitschrift für Wolkswirtschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1910 | oclc = 64863803 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Über das Wesen der Wirtschaftskrisen | publisher = Wien | series = Zeitschrift für Wolkswirtschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1910 | oclc = 64863847 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Wie studiert man Sozialwissenschaft | publisher = Duncker & Humblot | series = Schriften des Sozialwissenschaftlichen Akademischen Vereins in Czernowitz, Heft II | location = München und Leipzig, Germany | year = 1915 | oclc = 11387887 }}
• {{cite book | last1 = Schumpeter | first1 = Joseph A. | last2 = Opie | first2 = Redvers | author-link2 = Redvers Opie | title = The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle | publisher = Transaction Books | location = New Brunswick, New Jersey | year = 1983 | orig-year = 1934 | isbn = 978-0878556984 }} Translated from the 1911 original German, Theorie der wirtschaftlichen Entwicklung.
• {{cite book | last1 = Schumpeter | first1 = Joseph A. | translator-last = Aris | translator-first = Reinhold | title = Economic doctrine and method: an historical sketch | publisher = Oxford University Press | location = New York | year = 1954 | oclc = 504289265 }} Translated from the 1912 original German, Epochen der Dogmen – und Methodengeschichte. [https://mises.org/books/economicdoctrine.pdf Pdf version.]
• Reprinted in hardback as: {{cite book | last1 = Schumpeter | first1 = Joseph A. |translator-last = Aris |translator-first = Reinhold | title = Economic doctrine and method: an historical sketch |publisher=Literary Licensing | location = Whitefish Montana | year = 2011 | isbn = 978-1258003425 }}
• Reprinted in paperback as: {{cite book | last1 = Schumpeter | first1 = Joseph A. |translator-last= Aris |translator-first= Reinhold | title = Economic doctrine and method: an historical sketch | publisher = Martino Fine Books | location = Mansfield Centre, Connecticut | year = 2012 | isbn = 978-1614273370 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Das wissenschaftliche Lebenswerk Eugen von Böhm-Bawerks | publisher = Wien | series = Zeitschrift für Wolkswritschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1914 | oclc = 504214232 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Vergangenheit und Zukunft der Sozialwissenschaft | publisher = München und Leipzig, Duncker & Humblot | url = http://onlinebooks.library.upenn.edu/webbin/book/lookupid?key=ha001306080 | location = Germany | year = 1915 }} Reprinted by the University of Michigan Library
• {{cite book | last = Schumpeter | first = Joseph A. | title = The crisis of the tax state | oclc = 848977535 | year = 1918 }}
• Reprinted as: {{citation | last = Schumpeter | first = Joseph A. | contribution = The crisis of the tax state | editor-last = Swedberg | editor-first = Richard | editor-link = Richard Swedberg | title = The economics and sociology of capitalism | pages = 99–140 | publisher = Princeton University Press | location = Princeton, New Jersey |year=1991 |isbn=978-0691003832}}
• {{cite book | last = Schumpeter | first = Joseph A. | title = The sociology of imperialisms | publisher = Archiv für Sozialwissenschaft und Sozialpolitik | location = Germany | year = 1919 }}
• Reprinted as {{cite book | last = Schumpeter | first = Joseph A. |editor-last= Sweezy |editor-first= Paul M.| editor-link = Paul Sweezy | title = Imperialism and social classes | publisher = Augustus M. Kelley | location = Fairfield, New Jersey | year = 1989 | orig-year = 1951 | isbn = 978-0678000205 }}
• {{cite book |last=Schumpeter |first=Joseph A. |title=Max Weber's work |publisher=Der österreichische Volkswirt |location=Germany |year=1920 }}
• Reprinted as: {{citation | last = Schumpeter | first = Joseph A. | contribution = Max Weber's work | editor-last = Swedberg | editor-first = Richard | editor-link = Richard Swedberg | title = The economics and sociology of capitalism | pages = 220–229 | publisher=Princeton University Press | location = Princeton, New Jersey | year = 1991 | isbn = 978-0691003832}}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Carl Menger | publisher = Wien | series = Zeitschrift für Wolkswritschaft, Sozialpolitik und Verwaltung | location = Germany | year = 1921 | oclc = 809174610 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Social classes in an ethnically homogeneous environment | publisher = Archiv für Sozialwissenschaft und Sozialpolitik | location = Germany | year = 1927 | oclc = 232481 }}
• Reprinted as: {{cite book | last = Schumpeter | first = Joseph A. |editor-last= Sweezy |editor-first= Paul M.| editor-link = Paul Sweezy | title = Imperialism and social classes | publisher = Augustus M. Kelley | location = Fairfield, New Jersey | year = 1989 | orig-year = 1951 | isbn = 978-0678000205 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Das deutsche Finanzproblem | publisher = Dt. Volkswirt | series = Schriftenreihe d. dt. Volkswirt | location = Berlin, Germany | year = 1928 | oclc = 49426617 }}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = Depressions: Can we learn from past experience? | editor-last1 = Schumpeter | editor-first1 = Joseph A. | editor-last2 = Chamberlin | editor-first2 = Edward | editor-last3 = Leontief | editor-first3 = Wassily W. | editor-last4 = Brown | editor-first4 = Douglass V. | editor-last5 = Harris | editor-first5 = Seymour E. | editor-last6 = Mason | editor-first6 = Edward S. | editor-last7 = Taylor | editor-first7 = Overton H. | editor-link2 = Edward Chamberlin | editor-link3 = Wassily Leontief | title = The economics of the recovery program | publisher = McGraw-Hill | location = New York City London |year=1934 |oclc=1555914}}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = The nature and necessity of a price system | editor-last1 = Harris | editor-first1 = Seymour E. | editor-last2 = Bernstein | editor-first2 = Edward M. | title = Economic reconstruction | publisher = McGraw-Hill | location = New York City London | year = 1934 | oclc = 331342 | isbn = 978-1258305727}}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = Professor Taussig on wages and capital | editor-last = Taussig | editor-first = Frank W. | editor-link = Frank William Taussig | title = Explorations in economics: notes and essays contributed in honor of F.W. Taussig | pages = 213–222 | publisher = McGraw-Hill | location = New York City | year = 1936 | isbn = 978-0836904352}}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Business cycles: a theoretical, historical, and statistical analysis of the capitalist process |publisher=Martino Publishing | location = Mansfield Centre, Connecticut | year = 2006 | orig-year = 1939 | isbn = 978-1578985562 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Capitalism, socialism and democracy | publisher = Impact Books | location = Floyd, Virginia | year = 2014 | orig-year = 1942 | edition = 2nd|isbn=978-1617208652| title-link = Capitalism, Socialism and Democracy }}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = Capitalism in the postwar world | editor-last = Harris | editor-first = Seymour E. | title = Postwar economic problems | publisher = McGraw-Hill | location = New York City London | year=1943 |oclc=730387}}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = The future of private enterprise in the face of modern socialistic tendencies | editor-last = Conference | editor-first = Papers | title = The economics and sociology of capitalism (ESC) Comment sauvegarder l'entreprise privée (conference papers) | pages = 401–405 | publisher = Association Professionnelle des Industriels | location = Montreal |year=1946 |oclc=796197764}}
• See also the English translation: {{cite journal | last1=Henderson |first1=David R. |last2=Prime |first2=Michael G. |author-link1=David R. Henderson |title=Schumpeter on preserving private enterprise | journal=History of Political Economy |volume=7 |issue=3 |pages=293–298 |doi=10.1215/00182702-7-3-293 |date=Fall 1975}}
• {{cite book | last1 = Schumpeter | first1 = Joseph A. | last2 = Crum | first2 = William Leonard | title = Rudimentary mathematics for economists and statisticians | url = https://archive.org/details/rudimentarymathe00crum | url-access = registration | publisher = McGraw-Hill | location = New York City London | year = 1946 | oclc = 1246233 }}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = Capitalism | editor-last = Bento | editor-first = William | editor-link = Richard Swedberg | title = Encyclopædia Britannica | publisher = University of Chicago | location = Chicago | year=1946}}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = There is still time to stop inflation | series = Nation's business | volume = 1 | editor-last = Clemence | editor-first = Richard V.| title = Essays: on entrepreneurs, innovations, business cycles, and the evolution of capitalism | pages = 241–252 | publisher = Transaction Books | location = New Brunswick, New Jersey | year = 2009 | orig-year = 1948 |isbn=978-1412822749}}
• Originally printed as: {{cite journal|last1=Schumpeter |first1=Joseph A. |title=There is still time to stop inflation |journal=The Nation's Business |volume=6 |pages=33–35, 88–91 |publisher=United States Chamber of Commerce |date=June 1948 |url= https://freelibs.org/texts/Nations-Business-1948-06.html |url-status=dead |archive-url= https://web.archive.org/web/20141129101426/https://freelibs.org/texts/Nations-Business-1948-06.html |archive-date=November 29, 2014 }}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = Economic theory and entrepreneurial history | editor-last = Wohl | editor-first = R. R. | title = Change and the entrepreneur: postulates and the patterns for entrepreneurial history | publisher = Harvard University Press | series = Research Center in Entrepreneurial History |location = Cambridge, Massachusetts |year=1949 |oclc=2030659}}
• {{Citation | last = Schumpeter | first = Joseph A. | contribution = The historical approach to the analysis of business cycles | editor-last1 = National Bureau of Economic Research (NBER) | editor-first1 = Conference | editor-link1 = National Bureau of Economic Research | title = NBER Conference on Business Cycle Research | publisher = University of Chicago Press | location = Chicago |year=1949}}
• {{cite book | last = Schumpeter | first = Joseph A. | title = Ten great economists: from Marx to Keynes | publisher = Oxford University Press | location = New York Oxford | year = 1951 | oclc = 166951 }}
• Reprinted as: {{cite book | last = Schumpeter | first = Joseph A. | title = Ten great economists: from Marx to Keynes | publisher = Oxford University Press | location = New York Oxford | year = 1965 | oclc = 894563181 }}
• Reprinted as: {{cite book | first = Joseph A. | last = Schumpeter | title = Ten great economists: from Marx to Keynes | publisher = Routledge | location = London | year = 1997 | isbn = 978-0415110785 }}
• Reprinted as: {{cite book | last = Schumpeter | first = Joseph A. | title = Ten great economists: from Marx to Keynes | publisher = Simon Publications | location = San Diego | year = 2003 | isbn = 978-1932512090 }}
• {{cite book | last = Schumpeter | first = Joseph A. |editor-last = Clemence |editor-first= Richard V.| title = Essays on economic topics of J.A. Schumpeter | publisher = Kennikat Press | location = Port Washington, New York | year = 1969 | orig-year = 1951 | isbn = 978-0804605854 }}
• {{cite book | last = Schumpeter | first = Joseph A. | title = History of economic analysis | publisher = Allen & Unwin | location = London | year = 1954 | isbn = 978-0415108881 }} Edited from a manuscript by Elizabeth Boody Schumpeter.
• {{cite book | last = Schumpeter | first = Joseph A. |editor-last= Sweezy |editor-first= Paul M.| editor-link = Paul Sweezy | title = Imperialism and social classes | publisher = Augustus M. Kelley | location = Fairfield, New Jersey | year = 1989 | orig-year = 1951 | isbn = 978-0678000205 }}
• {{cite book | last1 = Schumpeter | first1 = Joseph A. |editor-last= Mann |editor-first= Fritz Karl| translator-last = Alvarado | translator-first = Ruben | title = Treatise on money [also called Money & Currency]| publisher = Wordbridge Publishing | location = Aalten, the Netherlands | year = 2014 | isbn = 978-9076660363 }}
• Originally printed as: {{cite book | last = Schumpeter | first = Joseph | title = Das Wesen des Geldes | publisher = Vandenhoeck & Ruprecht | location = Neuauflage, Göttingen, Germany | year = 1970 | isbn = 978-3525131213 }} Reprinted in 2008.
• {{cite book | last1 = Schumpeter | first1 = Joseph A. | editor-last = Swedberg | editor-first = Richard| editor-link = Richard Swedberg | title = The economics and sociology of capitalism | publisher = Princeton University Press | location = Princeton, New Jersey | year=1991 |isbn=978-0691003832 }}

• {{Cite journal | last = Schumpeter | first = Joseph A. | title = On the concept of social value |journal=The Quarterly Journal of Economics |volume=23 |issue=2 |pages=213–232 |doi=10.2307/1882798 |date=February 1909 |jstor=1882798}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The explanation of the business cycle |journal=Economica |volume=21 |pages=286–311 |doi=10.2307/2548401 |date=December 1927 | issue = 21 |jstor=2548401}}
• {{Cite journal | last = Schumpeter | first = Joseph A. |title=The instability of capitalism |journal=The Economic Journal |volume=38 |issue=151 |pages=361–386 |doi=10.2307/2224315 |date=September 1928 |jstor=2224315}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The present world depression: a tentative diagnosis |journal=The American Economic Review, Papers and Proceedings of the Forty-Third Annual Meeting of the American Economic Association |volume=21 |issue=1 |pages=179–282 |publisher=American Economic Association |date=March 1931 | jstor=1802985}}
• {{Cite journal | last = Schumpeter | first = Joseph A. |title=The common sense of econometrics |journal=Econometrica |volume=1 |issue=1 |pages=5–12 |doi=10.2307/1912225 |date=January 1933 |jstor=1912225}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = A theorist's comment on the current business cycle |journal=Journal of the American Statistical Association |volume=30 |issue=189 |pages=167–268 |doi=10.2307/2278223 | date=March 1935 |jstor = 2278223 }}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title=The analysis of economic change |journal=The Review of Economics and Statistics |volume=17 |issue=4 |pages=2–10 |doi=10.2307/1927845 |date=May 1935 |jstor=1927845}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The influence of protective tariffs on the industrial development of the United States |journal=Proceedings of the Academy of Political Science |volume=19 |issue=1 |pages=2–7 |doi=10.2307/1172508 |date=May 1940 |jstor=1172508}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The decade of the twenties | journal = The American Economic Review, Papers and Proceedings of the Fifty-eighth Annual Meeting of the American Economic Association (The American Economy in the Interwar Period) |volume = 36 |issue=2 |pages=1–10 | publisher=American Economic Association |date=May 1946 |jstor=1818192}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The creative response in economic history | journal=The Journal of Economic History |volume=7 |issue=2 |pages=149–159 |date=November 1947 |jstor=2113338 |doi=10.1017/s0022050700054279| s2cid = 155049567 }}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Theoretical problems: theoretical problems of economic growth | journal=The Journal of Economic History | volume = 7, Supplement: Economic Growth: A Symposium (1947) | pages = 1–9 |publisher=Economic History Association |date=1947 | doi = 10.1017/S0022050700065189 |jstor=2113264| s2cid = 154460166 }}
• {{Cite journal|last1=Schumpeter |first1=Joseph A. |title=There is still time to stop inflation |journal=The Nation's Business |volume=6 |pages=33–35 |publisher=United States Chamber of Commerce |date=June 1948 |url= https://freelibs.org/texts/Nations-Business-1948-06.html |url-status=dead |archive-url= https://web.archive.org/web/20141129101426/https://freelibs.org/texts/Nations-Business-1948-06.html |archive-date=November 29, 2014 }} Continued on pp. 88–91.
• Reprinted as: {{citation | last = Schumpeter | first = Joseph A. | contribution = There is still time to stop inflation | series = Nation's business | volume = 1 | editor-last = Clemence | editor-first = Richard V.| title = Essays: on entrepreneurs, innovations, business cycles, and the evolution of capitalism | pages = 241–252 | publisher = Transaction Books | location = New Brunswick, New Jersey |year=2009 |orig-year=1948 |isbn=978-1412822749}}
• {{Cite journal | last = Schumpeter | first = Joseph A. |title=Science and Ideology |journal=The American Economic Review |volume=39 |issue=2 |pages=346–359 |publisher=American Economic Association |date=March 1949 |jstor=1812737}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The Communist Manifesto in sociology and economics |journal=Journal of Political Economy |volume=57 |issue=3 |pages=199–212 |date=June 1949 |jstor=1826126 |doi=10.1086/256806| s2cid = 144457532 }}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = English economists and the state-managed economy | journal=Journal of Political Economy |volume=57 |issue=5 |pages=371–382 |date=October 1949 |jstor=1825618 |doi=10.1086/256862 |s2cid = 154271830 }}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The march into socialism | journal = The American Economic Review, Papers and Proceedings of the Sixty-second Annual Meeting of the American Economic Association |volume=40 | issue = 2 | pages = 446–456 |publisher=American Economic Association |date=May 1950 |jstor=1818062}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title=Review of the troops (a chapter from the history of economic analysis) |journal=The Quarterly Journal of Economics |volume=65 |issue=2 |pages=149–180 | doi=10.2307/1879531 |date=May 1951 |jstor=1879531}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The "crisis" in economics – fifty years ago |journal=Journal of Economic Literature |volume=20 |issue=3 |pages=1049–1059 |publisher=American Economic Association |date=September 1982 |jstor=2724411}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = American institutions and economic progress | journal = Zeitschrift für die Gesamte Staatswissenschaft | volume = 139 | issue = 2 | pages = 191–196 | publisher = Mohr Siebeck | date = June 1983 | jstor = 40750589}}
• {{Cite journal | last1 = Schumpeter | first1 = Joseph A. | last2 = Boody Schumpeter | first2 = Elizabeth | title = Schumpeter on the disintegration of the bourgeois family |journal=Population and Development Review |volume=14 |issue=3 |pages=499–506 |doi=10.2307/1972201 |date=September 1988 |jstor=1972201}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The meaning of rationality in the social sciences | journal = Zeitschrift für die Gesamte Staatswissenschaft | volume = 140 | issue = 4 | pages = 577–593 | publisher = Mohr Siebeck | date = December 1984 | jstor = 40750743}}
• {{Cite journal | last1 = Schumpeter | first1 = Joseph A. | last2 = Swedberg | first2 = Richard (introduction) | author-link2 = Richard Swedberg | title = Money and currency | journal=Social Research |volume=58 |issue=3 |pages=499–543 |publisher=The New School |date=Fall 1991 | jstor = 40970658}} The first 2 chapters of A Treatise on Money
• {{Cite journal | last1 = Schumpeter | first1 = Joseph A. | translator-last = Muller | translator-first = Jerry Z. | title = How does one study social science? | journal=Society |volume=40 |issue=3 |pages=57–63 |doi= 10.1007/s12115-003-1039-3 |date=March 2003 | s2cid = 144740998}} Translated from a speech given in German by Schumpeter, Wie studiert man Sozialwissenschaft.

• {{Cite journal | last1 = Schumpeter | first1 = Joseph A. | last2 = Cole | first2 = A. H. | last3 = Mason | first3 = E. S. | title = Frank William Taussig | journal=The Quarterly Journal of Economics |volume = 55 | issue = 3 | pages = 337–363 | doi = 10.2307/1885636 | date = May 1941 | jstor = 1885636}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = John Maynard Keynes 1883–1946 | journal=The American Economic Review |volume=36 |issue=4 |pages=495–518 |publisher=American Economic Association |date=September 1946 | jstor = 1801721}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Vilfredo Pareto (1848–1923) |journal=The Quarterly Journal of Economics |volume=63 |issue=2 |pages=147–173 |doi=10.2307/1883096 |date=May 1949 |jstor= 188309}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Wesley Clair Mitchell (1874–1948) |journal=The Quarterly Journal of Economics |volume=64 |issue=1 |pages=139–155 |doi=10.2307/1881963 |date=February 1950 |jstor=1881963}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Irving Fisher's Econometrics | journal=Econometrica |volume=16 |issue=3 |pages=219–231 |doi=10.2307/1907276 |date=July 1948 |jstor=1907276}}

• {{Cite journal | last = Schumpeter | first = Joseph A. | title = The economic problem by R. G. Hawtrey | journal = Weltwirtschaftliches Archiv (Review of World Economics) | volume = 26 | issue = 1 | pages = 131–133 | publisher=Springer | date = 1927 | jstor = 40416594}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Mitchell's: Business cycles | journal=The Quarterly Journal of Economics |volume=45 |issue=1 |pages=150–172 |doi=10.2307/1882530 |date=November 1930 |jstor = 1882530}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Essays in biography by J. M. Keynes | journal=The Economic Journal |volume=43 |issue=172 |pages=652–657 |doi=10.2307/2224509 |date=December 1933 |jstor=2224509}}
• {{Cite journal | last1 = Schumpeter | first1 = Joseph A. | last2 = Nichol | first2 = A. J. | title = Review of Robinson's Economics of imperfect competition |journal=Journal of Political Economy |volume=42 |issue=2 |pages=249–259 |date=April 1934 |jstor = 1823265 |doi=10.1086/254595 |s2cid = 154388262 }}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Review of Keynes's General Theory | journal=Journal of the American Statistical Association |volume=31 |issue=196 |pages=757–820 |doi= 10.1080/01621459.1936.10502311 | date = December 1936}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Alfred Marshall's Principles: a semi-centennial appraisal |journal=The American Economic Review |volume=31 |issue=2 |pages=236–248 |publisher=American Economic Association |date=June 1941 |jstor=356}}
• {{Cite journal | last = Schumpeter | first = Joseph A. | title = Reflections on the revolution of our time by Harold J. Laski |journal=The American Economic Review |volume=34 |issue=1.1 |pages=161–164 |publisher=American Economic Association |date=March 1944 |jstor=1813741}}

{{div col}}

• Schumpeterian rent

{{div col end}}

{{Reflist|30em}}

{{refbegin}}

• {{cite book| title= Rediscovering Schumpeter |year=2007|isbn=978-1403942418 | editor-last = Carayannis | editor-first = Elias G. | editor2-last = Ziemnowicz | editor2-first = Christopher | publisher = Palgrave Macmillan }}
• {{cite journal |last=Dahms |first=Harry |year= 1995 |title=From Creative Action to the Social Rationalization of the Economy: Joseph A. Schumpeter's Social Theory |journal=Sociological Theory |volume=13 |issue=1 |pages=1–13 |jstor=202001 |doi=10.2307/202001}}
• {{cite journal |last=Davis |first=Horace B |date=Winter 1960 |title=Schumpeter as Sociologist |journal=Science and Society |volume=24 |issue=1 |pages=13–35 |jstor=40400680}}
• {{cite book |editor1-last=Groenewegen |editor1-first=Peter |title=Classics and Moderns in Economics Volume II: Essays on Nineteenth and Twentieth Century Economic Thought |chapter=2 |page=203 |date=2002 |publisher=Routledge |isbn=978-0415301671}}
• {{cite book | title= Schumpeter: Social Scientist| url= https://archive.org/details/schumpetersocial0000harr | url-access= registration|year=1951| publisher = Harvard University Press | isbn= 978-0836911381 | editor-last = Harris | editor-first = Seymour E.}}
• {{cite book |last= Heilbroner |first= Robert |author-link= Robert Heilbroner |year= 2000 |orig-year= 1953 |chapter= Chapter 10: The Contradictions of Joseph Schumpeter |title= The Worldly Philosophers |edition= seventh |location= London |publisher=Penguin Books |isbn= 978-0140290066 |title-link= The Worldly Philosophers }}
• {{cite encyclopedia |last= Humphrey |first= Thomas M. |editor-first=Ronald |editor-last=Hamowy |editor-link=Ronald Hamowy |encyclopedia=The Encyclopedia of Libertarianism |title=Schumpeter, Joseph (1893–1950) |chapter-url= https://books.google.com/books?id=yxNgXs3TkJYC |year=2008 |publisher=SAGE Publications; Cato Institute |location= Thousand Oaks, CA |doi= 10.4135/9781412965811.n276|isbn= 978-1412965804 |oclc=750831024| lccn = 2008009151 |pages=452–455 |chapter= Schumpeter, Joseph (1883–1950) }}
• {{cite book|last=McCraw|first=Thomas K.|title=Prophet of Innovation: Joseph Schumpeter and Creative Destruction |year=2007 |publisher=Belknap Press |isbn=978-0674025233|url-access=registration|url= https://archive.org/details/prophetofinnovat00mccr}}
• {{cite journal|last1= Michaelides |first1=Panayotis |last2=Milios |first2=John |title=Did Hilferding Influence Schumpeter? |journal=History of Economics Review |year=2005 |volume=41 |issue=Winter |pages=98–125| url= http://www.hetsa.org.au/pdf/41-A-8.pdf |access-date=July 2, 2010|doi=10.1080/18386318.2005.11681205 |s2cid=53396973 }}
• {{cite book |last=Muller |first=Jerry Z. |title=The Mind and the Market: Capitalism in Western Thought |date=2003 |publisher=Anchor |isbn=978-0385721660 |edition=Reprint}}
• {{cite journal |last=Robbins |first=Lionel C. |year=1955 |title=Schumpeter's History of Economic Analysis |journal=Quarterly Journal of Economics |volume=69 |issue=1 |pages=1–22 |doi=10.2307/1884847 |jstor=1884847 }}
• {{cite book|last=Swedberg |first=Richard |title=Schumpeter: A Biography |year=1992 |publisher=Princeton University Press |isbn=978-0691042961}}

{{refend}}

{{Wikiquote}}

{{Commons category}}

• {{Cite encyclopedia |title=Joseph Alois Schumpeter (1893–1950) |url= http://www.econlib.org/library/Enc/bios/Schumpeter.html |encyclopedia=The Concise Encyclopedia of Economics |edition=2nd |series=Library of Economics and Liberty |publisher=Liberty Fund |year=2008 }}
• {{cite journal |last=Andersen |first=Esben Sloth |title=Review of Schumpeter: A Biography |journal=Journal of Economic Literature |url= http://www.business.aau.dk/evolution/esapapers/esa90-93/R93-1.pdf |access-date=May 19, 2006 |archive-url= https://web.archive.org/web/20090327003330/http://www.business.aau.dk/evolution/esapapers/esa90-93/R93-1.pdf | archive-date = March 27, 2009 | url-status = dead}}
• {{cite web|last=Kilcullen |first=John |title=Reading Guide 10: Schumpeter, "Capitalism, Socialism and Democracy" |publisher=Macquarie University |url= http://www.mgimo.ru/fileserver/2004/kafedry/mirec/SCHUMPETER.doc |archive-url= https://web.archive.org/web/20121025122917/http://www.mgimo.ru/fileserver/2004/kafedry/mirec/SCHUMPETER.doc |url-status=dead |archive-date=October 25, 2012 |access-date=December 4, 2007}}
• {{cite web|title=Joseph A. Schumpeter |publisher=HET |url= http://www.hetwebsite.org/het/profiles/schump.htm |url-status=dead |archive-url= https://web.archive.org/web/20130517225703/http://www.hetwebsite.org/het/profiles/schump.htm |archive-date=May 17, 2013 |access-date=April 29, 2013}}
• {{cite web |last=Drucker |first=Peter | author-link=Peter Drucker | title = Modern Prophets: Schumpeter and Keynes? |url= http://www.druckersociety.at/index.php/peterdruckerhome/texts/modern-prophets-schumpeter-or-keynes |access-date=December 4, 2007}}
• {{cite web |last=DeLong |first=J. Bradford |title=Creative Destruction's Reconstruction: Joseph Schumpeter Revisited |work=The Chronicle of Higher Education |url= http://chronicle.com/free/v54/i15/15b00801.htm |access-date=December 4, 2007}}
• {{cite web|last=Ebeling |first=Richard M. |url= https://www.aier.org/article/can-capitalism-survive-80-years-after-schumpeters-answer/ |title=Can Capitalism Survive? 80 Years After Schumpeter's Answer |work=American Institute for Economic Research |date=May 1, 2022 |access-date=December 5, 2023}}
• {{cite web|last=Schumpeter |first=Joseph Alois |title=Schumpeter's Business Cycles: A Theoretical, Historical, And Statistical Analysis of the Capitalist Process |work=Business History Review |url= http://www.bookshd.com/product/business-cycles-a-theoretical-historical-and-statistical-analysis-of-the-capitalist-process/ |url-status=dead |archive-url= https://web.archive.org/web/20161009113705/http://www.bookshd.com/product/business-cycles-a-theoretical-historical-and-statistical-analysis-of-the-capitalist-process/ |archive-date=October 9, 2016 }}
• {{cite web |work=Harvard University Archives |title=Papers of Joseph Alois Schumpeter: an inventory |url= http://nrs.harvard.edu/urn-3:HUL.ARCH:hua11007}}
• {{cite web |title=Web Joseph Alois Schumpeter in Memoriam |url= http://www.schumpeter.org/ |access-date=April 13, 2010 |archive-date=March 30, 2010 |archive-url= https://web.archive.org/web/20100330021349/http://www.schumpeter.org/ |url-status= dead}}
• {{Find a Grave}}
• Śledzik, K., Szmelter-Jarosz, A., Schmidt, E. K., Bielawski, K., & Declich, A. (2023). [https://link.springer.com/article/10.1007/s13132-023-01487-3 Are Schumpeter’s Innovations Responsible? A Reflection on the Concept of Responsible (Research and) Innovation from a Neo-Schumpeterian Perspective]. Journal of the Knowledge Economy, 14(4), 5065–5085.

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