Joseph Alois Schumpeter

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Joseph Alois Schumpeter

Index
1. Introduction
2. Joseph Schumpeter’s birth
3. Joseph Schumpeter’s Education
4. Capitalism, Socialism and Democracy an Insight
5. Conclusion
6. Bibliography

Introduction
Joseph Alois Schumpeter’s life formed the basis of his choices to enter the economic world and through this becoming an influential icon in the economic world of today with his theories still being taken into account. Schumpeter’s ideas where formed through the social figures he looked up to such as Karl Marx and Leon Walras. His works such as Capitalism, Socialism and Democracy took interesting views on the concepts of Perfect Competition as well as that of monopolies in terms of the reinventing of old ideas to new and his classification of entrepreneurship being a form of what he called creative destruction gives a new view on the terms of continually inventing to improve the standard of living. Schumpeter’s Birth, Death an Education

Joseph Alois Schumpeter was born February 8th 1883 in Triesch Moravia now known as Czechoslovakia and due to his mother’s remarriage several years after his fathers death to an Austrian general in Vienna Schumpeter was raised in a manner more along the lines of traditional Austrian aristocracy. In the year of 1901 Schumpeter graduated from a highly regarded school known as the Theresianum. During the years between that of 1901 to 1906 Schumpeter studied law as well as economics at the University of Vienna under both Frederick Von Wieser and Eugen Bohm-Bawerk and following this in 1909 he accepted the offer of a professorship at the University of Chernovtsy in Economics. During Schumpeter’s time at the university of Graz he published his first major article as well as three books and it was through this that he made his official stand in the world of Economic Theory. (McCraw,2007:10-28) Some of his major works have included Theory of Economic Development which was published in...
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