Joseph A. Schumpeter
Joseph A. Schumpeter
Joseph Alois Schumpeter was an Austrian-born American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a Professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics...
NationalityAmerican
ProfessionEconomist
Date of Birth8 February 1883
CountryUnited States of America
Joseph A. Schumpeter quotes about
opening-up entrepreneur patterns
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
innovation novelty invention
Innovation is the market introduction of a technical or organisational novelty, not just its invention.