Joseph Schumpeter (Austrian economist)

Joseph Schumpeter was an Austrian-born economist known for his theories on how economies grow and innovate. He emphasized the role of entrepreneurs as "creative destroyers," meaning they introduce new products, processes, or ideas that disrupt and improve markets, leading to economic development. Schumpeter believed innovation and entrepreneurship are the primary drivers of prosperity, as they constantly reshape industries and create new opportunities. His ideas highlight the dynamic, ever-changing nature of capitalism and the importance of innovation for long-term economic progress.