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History of Economic Thought 101: Joseph Schumpeter


This series of articles aims to provide a brief overview of the evolution of Economic thought through the lens of some of the key contributors to the discipline. Using Adam Smith’s Wealth of Nations as a jumping-off point, through John Maynard Keynes’ General Theory, Karl Marx’s Das Kapital, and the more recent contributions of Joseph Schumpeter and Milton Friedman. The series will conclude with an evaluation of modern-day Economic consensus.

The History of Economic Thought series consists of 6 main articles:

1. History of Economic Thought: Adam Smith

2. History of Economic Thought: John Maynard Keynes

3. History of Economic Thought: Karl Marx

4. History of Economic Thought: Joseph Schumpeter

5. History of Economic Thought: Milton Friedman

6. History of Economic Thought: Modern Day

History of Economic Thought: Joseph Schumpeter

An Introduction to Schumpeter

Joseph Schumpeter was an Austrian-born economist famed for his theories on entrepreneurship, business cycles, Creative Destruction, and the ultimate fall of Capitalism. He is one of the most innovative, thought-provoking, and influential economists of the 20th century. (Britannica, The Editors of Encyclopaedia 2022).

Figure 1: Joseph Schumpeter, one of the most innovative and creative thinkers in the history of Economic Thought