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Joseph Schumpeter: Profile

Society is known, over the time from its rise of its civilization, to have given birth to many famous and influential economists that significantly contributed to the development of the economic world to what it is now in the present. These economist have developed in them particular principles and ideas that molded the development of the society from the ages of the industrial revolution until the present resources allocation of the modern world.

In the society of these economist, their ideas are either in support of the others or often contradicted that of their fellow economist as they established an argumentative dialogue between themselves. Among these famous economist, Joseph Schumpeter stood influential and open-minded in his ideas and principles and ideas gaining both admiration from his colleagues and denouncement from the others. Autobiography Joseph Schumpeter was born in Triesch, presently part of the Austria-Hungary, to a parents who run a textile factory which the former also managed at some point in his youth.

This business experience made Schumpeter adept with the qualities and skills needed to enter the economic world and promote significant development in the said aspect. To better home his skill, he entered the University of Vienna to study economics and law and because of his dedication to the field and prior experiences, Schumpeter became one of the most promising students in the said institutions. He continued his training under the guidance of the great Austrian capital theorist Eugen von Bohm-Bawerk an took his doctorate degree in 1906.

In 1909, Schumpeter made some study trips across Europe and settled as a professor of economics and government at the University of Czernowitz. In 1911, he took a professorship for the same field in the University of Graz where he remained until the aftermath of the First World War. After this, Schumpeter continued to take in other professional jobs in the field of economics and law such as becoming the minister of Finance for Austria, bank president for the Biederman Bank, and again professor in the Harvard.

All of this experiences and professional training gave Schumpeter a better and wide view on the aspect of economics thus developing a language of non-linear dynamics for his principles and ideas. Joseph Schumpeter, as an economist Being another great minds and thinker in the field of economy, Joseph Schumpeter has encouraged some young mathematical economist with his presented ideas and economics principles. He was able to relate to other economist though most of his colleagues cannot understand and even reprimanded his ideas on the business cycles and economic development as they cannot be explain using the mathematical language of his days.

In addition, Schumpeter related also his ideas and economic proposition to other famous economist of his times such as John Maynard Keynes and Keynesianism, Leon Walras and his Walrasian equilibrium, and Karl Marx and his capitalism. Most of Schumpeter famous ideas regarding economy were published in his book entitled Capitalism, Socialism and Democracy. Among his most important contributions is the concise explanation and his development of the business cycles employing the Walrasian equilibrium as the one general system of economic analysis.

Also, his critical view regarding the capitalism principle in economics has gathered him both the support and criticism from his fellow economist. Though his views and ideas are often reprimanded by other, most of them noted him for his explanation and opinions. In his opposition, Schumpeter presented his concept of creative destruction where he elaborated his promotion for the ideas of innovation that it can significantly aid the development of the economy and the betterment of the lifestyle of the society.

In addition, Schumpeter also significantly aided the development of the field of entrepreneurship as he greatly contributed to the promotion of the said concept. Conclusion As an economist, Joseph Schumpeter indeed is a notable person in the history of economic development. His works and views are significantly noted as he was able to pint the inconsistencies in the economic models of the other through his critical analysis and was able to develop the concepts of others.

In general, Schumpeter manifests as a person of determination and dedication to his field as he was able to use his own experiences and ideas and incorporate others to develop a more consistent economic model for the society. Schumpeter can also be viewed as a person with a wide scale of perspective and has a critical mind regarding the field of his interest. Thus, Joseph Schumpeter indeed is a significant icon in the historical development of the economic system and principles of the modern world with his views, ideas and models.


Colander, David (2000). Complexity and the History of Economic Thought (Perspectives on the History of Economic Thought). Routledge, NY, USA. Heilbroner, Robert L. The Worldyly Philosophers. 7th Edition. Landreth and Colander. History of Economic Thought. 4th Edition. Moss, Lawrence (1996). Joseph A. Schumpeter Historian of Economic Thought: Perspectives on the History of Economic Thought. Routledge, New York, USA. Samuels, W. J. (2003). Histories of Economic Thought (Research in the History of Economic Thought and Methodology). Elsevier Science Ltd, UK.

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