Joseph Schumpeter (1883-1950) has long been regarded as one of the leading economists of the 20th century, a brilliant theorist of capitalist economic development. After holding many positions in his native Austria, he emigrated to the United States and spent the last 18 years of his life as professor at Harvard University. Little, however, has been written about him in English. This book, first published in German in 1983, has been substantially revised by the author for this English edition, and it provides much information about Schumpeter both as a man and as an economist. Edward Marz discusses Schumpeter's major books (including "Business Cycles" and "Capitalism, Socialism and Democracy"), his contribution to Marxist political economy, the genesis of his theory of economic development, his concept of the entrepreneur and his position regarding Keynesian neo-classicism. He also illuminates Schumpeter's intellectual and personal background. In a substantial preface to the book Nobel Laureate James Tobin considers Schumpeter's place in the American economic profession, describes the fundamentals of his technical economic theory, and assesses its relevance to economics in the late 20th century.
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