Economist Joseph Schumpeter
When Joseph Schumpeter died 70 years ago, on January 8, he still had a lot to say. His nearly indecipherable notes on the history of economic thought were spread around two residences and his office, to be eventually painstakingly pulled together by his dedicated economist wife, Elizabeth, as she fought her own terminal cancer. The posthumous 1954 “History of Economic Analysis” has never been surpassed in scope or wisdom.
But most of what Schumpeter still had to say was about the future, not the past. He is best known for his “Capitalism, Socialism and Democracy” — the final edition appeared in Schumpeter’s final year, 1950. The central message is that innovation is the key to human betterment, and most dramatically