Profile Analysis

Joseph Schumpeter was born in Czechoslovakia in the year 1883, one of the most illustrious economists of the world and far ahead of his time. He is best known for his theory of “creative destruction” and is credited to have understood the dynamics of the capitalist economic process far clearly than any economist even today.

Schumpeter is also known to have articulated valuable insights on theories of innovation, business cycles; economic indicators such as savings, income distribution, employment, monopoly and the effect of politics on the economy. He prompted a strictly theoretical approach in economics and discussed dynamics and static's at ...