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Joseph Schumpeter

Joseph Schumpeter Born (1883-02-08)8 February 1883 Triesch, Moravia, Austria–Hungary (now Trešt, Czech Republic) Died 8 January 1950(1950-01-08) (aged 66) Taconic, Connecticut, U.S. Nationality Austrian, American Institution Harvard University 1932–50 University of Bonn 1925–32 Biedermann Bank 1921–24 University of Graz 1912–14 University of Czernowitz 1909–11 Field Economics, Econometrics School/tradition Historical school Alma mater University of Vienna Influences Eugen von Böhm-Bawerk, Leon Walras Influenced Paul Samuelson, Fredrick M. Scherer, Christopher Freeman Contributions Business cycles Economic development Entrepreneurship Evolutionary economics Joseph Alois Schumpeter (German: ; 8 February 1883 – 8 January 1950) was a Czech-born Austrian-American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics. ^ Liberty Fund, Inc. (2007-10-08). "Joseph Alois Schumpeter: Biography". Econlib.org. Retrieved 2010-09-21.  ^ Stone, Brad; Vance, Ashlee (January 25, 2009). "$200 Laptops Break a Business Model". New York Times. Retrieved 2010-09-21. Indeed, Silicon Valley may be one of the few places where businesses are still aware of the ideas of Joseph Schumpeter, an economist from Austria who wrote about business cycles during the first half of the last century. He said the lifeblood of capitalism was 'creative destruction.' Companies rising and falling would unleash innovation and in the end make the economy stronger.
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