The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Schumpeter, Joseph Alois (1883–1950)

  • Arnold Heertje
Reference work entry


This article on Joseph Alois Schumpeter depicts him as a visionary and as one of the greatest figures in the history of economics. Both his life and his work are described and discussed. His life has not been without disaster and turmoil, and his work on methodology, economic development, innovation, capitalism, socialism and democracy not without originality, antagonism and independence. Above all, his major work on the history of economics is a lasting monument for all students of the emergence and ups and downs of new ideas in a major field of social analysis.


Business cycles Capitalism Cournot, A.A. Creative destruction Credit Democracy, economic theory of Diffusion of technology Dynamic efficiency Econometric Society Economic development Endogeneity and exogeneity Endogenous growth Entrepreneurship Innovation Inventions Juglar cycles Keynes, J.M. Kitchin cycles Kondratieff cycles Markets Marshall, A. Methodological individualism Money Monopoly Oligopoly Patents Perfect competition Public choice Ricardo, D. Schumpeter, J.A. Static efficiency Structural change Technical change Walras, L. 

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Arnold Heertje
    • 1
  1. 1.