insightful and highly readable biography. McGraw lucidly addresses Schumpeter's economic theories through an examination of his letters, lectures, addresses, articles, and major works. He portrays his subject as a somewhat self-absorbed insatiable scholar not entirely comfortable with his contemporaries, which might explain marriages and affairs with much older and younger women, as well as his affinity with students and often-strained relations with colleagues of his own generation.
#Joseph schumpeter bookz professional
Dan Seligman * Wall Street Journal * In this biography, Pulitzer Prize winner McCraw neatly divides his emphasis between Schumpeter's professional and personal life. In Prophet of Innovation, Thomas McCraw-emeritus professor of history at the Harvard Business School-artfully weaves the two together. Amar Bhide, Columbia University private life was no less fascinating than his public message. Phelps, 2006 Nobel Laureate in Economics A most compelling portrait of a complex man who has had a profound influence on how we think about entrepreneurship. Harold James, Princeton University A welcome book-a truly penetrating biography of the most influential theorist of finance capitalism. This book is a fine tribute to a great thinker. McCraw brings out Schumpeter's energy and charisma as well as the power of his ideas, quite skillfully linking the economist's colorful and adventurous personal life with the development of his views. This well-paced and beautifully written book explains not only Schumpeter's work but also the fast-changing phenomenon of modern capitalism. Joseph Schumpeter and creative destruction
Prologue: How and why he embraced history. The Sage, 1939-1950: Innovation, capitalism, and history. The adult, 1926-1939: Capitalism and society. L'Enfant terrible, 1883-1926: Innovation and economics. Nominated for George Louis Beer Prize 2007ġ online resource (xi, 719 pages) : illustrations Winner of Hagley Prize in Business History 2008 Anonymous correspondence will not be published. JOIN THE DISCUSSION: Send us an email with your comments to Letters of more than 300 words will be edited for length. Whether the raising of interest rates is part of the solution depends on who you talk to. This is the opportunity to drastically reduce the unemployment rate, especially of the youth, by using the current economic state of affairs to stimulate economic growth. It will mainly depend on how opportunities are used by decisionmakers in stimulating economic growth.Įconomic growth can be achieved through a meticulous balance of creating a conducive economic environment for foreign direct investment to come in, growing of the middle-class and an integrated national social safety net system to keep the poor out of poverty. In SA people are always uneasy about rate hikes that are fuelled primarily by global inflation due to geopolitical tensions.Īre higher interest rates going to reduce the current domestic “spiralling inflation crisis”? I reckon most probably yes. Can economic growth be achieved in the midst of rising unemployment? That sounds like an oxymoron, right? The most common answer would be: most unlikely.Īustrian-American economist Joseph Schumpeter introduced the concept of interest rates as a determinant of savings, which is an important factor in economic development.
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