Joseph Alois Schumpeter


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Joseph Alois Schumpeter (8 February 1883 – 8 January 1950) was an Austrian American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.

Born in Třešť, Habsburg Moravia (now Czech Republic, then part of ... more »

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  • Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political—legislative and administrative—decisions and hence incapable of being a...
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 20, sct. 3 (1942).
  • ''The question that is so clearly in many potential parents' minds: "Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?"''
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 14 (1942).
  • ''Bureaucracy is not an obstacle to democracy but an inevitable complement to it.''
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 18 (1942).
  • It is not true that democracy will always safeguard freedom of conscience better than autocracy. Witness the most famous of all trials. Pilate was, from the standpoint of the Jews, certainly the repre...
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, note to ch. 20, sect. 3 (1942).
  • ''The evolution of the capitalist style of life could be easily—and perhaps most tellingly—described in terms of the genesis of the modern Lounge Suit.''
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 11 (1942).
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