Seventy years ago, on January 8, 1950, one of the most famous economists of the 20th century passed away at the age of 66, Joseph A. Schumpeter. During and after his lifetime, he has been identified with two related ideas, the notion of the innovative entrepreneur and the imagery of the competitive market as a process of creative destruction. He was also a master of the history of economic ideas.
Properly understood, these two ideas of entrepreneurial innovation and the transformative creativity of market competition explain much about the amazing changes in modern economic times that have raised standards of living and filled the world with technological and other advancements that have radically advanced the way people live, and most of it for the better.
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