in the 20th century, entrepreneurship was studied by joseph schumpeter in the 1930s and other austrian economists such as carl menger, ludwig von mises and friedrich von hayek. while the loan from french of the word "entrepreneur" dates to the 1850, the term "entrepreneurship" was coined around the 1920s. according to schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation. entrepreneurship employs what schumpeter called "the gale of creative destruction" to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models, thus creative destruction is largely responsible for long-term economic growth. the idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such continues to be debated in academic economics. an alternative description by israel kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities.