J.A. Schumpeter (Joseph Alois Schumpeter)

Joseph A. Schumpeter was an influential economist known for his theory of economic development. He emphasized the role of innovation and entrepreneurs in driving economic progress, describing how new technologies and ideas disrupt markets, creating growth through "creative destruction." Schumpeter believed that entrepreneurs are the key agents of change, constantly introducing innovations that transform industries and societies. His work highlights the dynamic, evolving nature of capitalism, where progress results from continual innovation rather than steady, predictable growth. Overall, he viewed entrepreneurship and innovation as central to understanding how economies grow and evolve over time.