Nicole Halper

Joseph Schumpeter: the most important economist you might not know of

March 21, 2023

Economics

Tune in to any discussion on economics, and you’ll likely be bombarded by the latest “groundbreaking theory” from a fashionable academic. Failing that, even someone who takes a casual interest in the topic will have heard of Stiglitz, Krugman, Piketty, or Ha-Joon Chang. Ask someone who the great historical figures in economics are, and they’ll say Smith, Keynes, or even Hayek. But there’s one lesser-known person who encapsulates the true spirit and purpose of economics and that’s Joseph Schumpeter. Joseph Schumpeter (1883-1950) was an Austrian economist and political scientist.