Joseph Schumpeter Quotes


Without development there is no profit, without profit no development.


Citations

Joseph A. Schumpeter, 1883–1950, Austrian Economist & Political Scientist, The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, 1936

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Joseph Schumpeter
Joseph Schumpeter
  • Born: February 8, 1883
  • Died: January 8, 1950
  • Nationality: Austrian, American
  • Profession: Political Economist

Joseph Aloïs Schumpeter was an Austrian political economist. Born in Moravia, 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, eventually obtaining U.S. citizenship. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.