ChapterÂ .Â Introduction: Overcoming Schumpeter
Is there no overcoming Schumpeterâs argument that businesses are unable to achieve long-term success?
Who Is Schumpeter, and What Did He Say?
Joseph Schumpeter was an economist born in Austria in 1883. Atypical for economists, he was first educated as a lawyer. A very good student, at age 36 he became the Finance Minister of Austria and at age 38, President of the privately-owned Biederman Bank. It was in this latter role that he learned firsthand the concepts of competition and business risk, given that the bank failed in 1924, leaving him impoverished. Schumpeter spent the rest of his career in academia, most notably as an Economics professor at Harvard from 1932 until his death in 1950.
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