Schumpeter (Joseph Schumpeter)

Joseph Schumpeter was an economist known for his idea that economic growth largely results from innovative entrepreneurs who introduce new products, services, or methods. He believed that these innovations disrupt existing markets—what he called "creative destruction"—leading to progress but also upheaval for established businesses. Schumpeter emphasized that entrepreneurship drives economic development by constantly transforming industries, fostering competition, and generating new opportunities. His insights highlight the dynamic, evolving nature of economies where innovation is key to growth and renewal over time.