Joseph Alois Schumpeter

Schumpeter, Joseph Alois (1883–1950), Moravian-born U.S. economist. Schumpeter emigrated to the United States in 1932, when he joined the faculty of Harvard University. His major works were on the importance of entrepreneurs (The Theory of Economic Development, 1911) and the inevitability of business cycles and the unequal distribution of wealth (Capitalism, Socialism, and Democracy, 1942) in the healthy capitalist economy.

See also: Economics.