What is Joseph Schumpeter?
{{Infobox_Scientist | name = Joseph Schumpeter | image = Joseph Schumpeter ekonomialaria.jpg | caption = Joseph Schumpeter | birth_date = {{birth date|1883|2|8}} | birth_place = [[Triesch]], [[Moravia]], formerly [[Austria-Hungary]] (now [[Czech Republic]]) | death_date = {{death date|1950|1|8}} }} '''Joseph Alois Schumpeter''' (8 February 1883 – 8 January 1950) was an Austrian-German-American researcher in [[economics]] and [[political science]]. He studied the theory of [[Marxism]] and [[capitalism]]. In his view, capitalism cannot work because of what he called [[creative destruction]]. This term was originally used by [[Karl Marx]] to describe the capitalist system, but Schumpeter used it differently: He says that each time [[innovation]] by [[entrepreneur]] occurs, it must (also) change what already exists. In this context, certain structures that already exist will also be destroyed. A current example of this is that [[digital photography]] has made the [[instant photography|instant camera]], such as [[Polaroid]] almost disappear. Schumpeter was finance minister of Austria in 1919. {{bio-stub}} {{DEFAULTSORT:Schumpeter, Joseph}} [[Category:1883 births]] [[Category:1950 deaths]] [[Category:Columbia University faculty]] [[Category:American economists]] [[Category:American political scientists]] [[Category:German academics]] [[Category:Government ministers of Austria]] [[Category:Naturalized citizens of the United States]] [[Category:Harvard University faculty]]