While Austrian economists have made great contributions in many subdisciplines of economics, their critiques of mainstream views of entrepreneurship have received arguably the most praise. Modern-day finance and entrepreneurship classes even use Austrian ideas dating back to Carl Menger’s Grundsätze der Volkswirtschaftslehre (Principles of Economics). But has Austrian Entrepreneurship Theory remained constant ever since?
Joseph Schumpeter (1883-1950) was an Austrian economist and political scientist. Born in what is now the Czech Republic, he studied at the University of Vienna, and his publications were closely tied to the Austrian school of Economics.
To survive, even the most successful companies have to be willing to quickly dispense with yesterday’s winning business plan
It’s not BlackBerry’s fault the Apple iPhone has become the go-to smartphone for consumers worldwide.
This post by Sarah Skwire originally appeared on the Foundation for Economic Education on October 14th, 2015. Below is an excerpt. The disappearance of full nudity from Playboy magazine is, in other words, a perfect example of Schumpeter’s concept of creative destruction. Schumpeter wrote that the “essential fact about capitalism” is creative destruction — the […]