![]() Though his book touches on other points, the following summary focuses on those sections of his book. He is also an emeritus professor of economics with the Naval Postgraduate School and a research fellow with the Hoover Institution at Stanford University. Schumpeter is best known for advocating a procedural definition of democracy. Henderson is the editor of The Concise Encyclopedia of Economics. Schumpeter was president of the American Economic Association in 1948.ĭavid R. In that same year he accepted a permanent position at Harvard, where he remained until his retirement in 1949. With the rise of Hitler, Schumpeter left Europe and the University of Bonn, where he was a professor from 1925 until 1932, and emigrated to the United States. In 1911 Schumpeter took a professorship in economics at the University of Graz. ![]() He was one of the more promising students of Friedrich von Wieser and Eugen von Böhm-Bawerk, publishing at the age of twenty-eight his famous Theory of Economic Development. After briefly serving as the Finance Minister of German-Austria. Born in Austria to parents who owned a textile factory, Schumpeter was very familiar with business when he entered the University of Vienna to study economics and law. Joseph Schumpeter was one of the most influential political economists of the twentieth century. ![]()
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