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Adam Smith
Alfred Marshall
Arthur Cecil Piquo
David Ricardo
Jagdish N. Bhagwati
James Buchanan James Tobin
John Kenneth Galbraith
John Maynard Keynes
John Stuart Mill
Joseph Shumpeter

Joseph Stigler
Karl Marx
Ludwig Von Mises
Milton Friedman
Paul A. Samuelson
Robert E. Lucas
Robert Solow
Ronald Coase
Thomas R. Malthus
Thorstein Veblen
William Stanley Jevon


Story of Joseph Shumpeter (1883-1950)

His Life

Born in Trest (then part of Austria-Hungary, now in the Czech Republic), he began his career studying under the great Austrian capital theorist Eugen von Boehm-Bawerk.

 


Timeline

 From 1911- End World War I,

  • Professor of economics at the University of Czernowitz (now Ukraine, then a German-language university), then Graz.

From 1919-1920,

  • Austrian Minister of Finance

From 1920-1924

  • President of the private Biederman Bank

From 1925-1932,

Held a chair at the University of Bonn, Germany

From 1932 to 1950,

Taught at Harvard, but generally not considered to be a very good classroom teacher because he tried to pack too much into each lecture, but he acquired a school of loyal followers.

Specialization:

Founding president of the Econometric Society (1933), Schumpeter was not a mathematician but rather an economist and tried instead to integrate sociological understanding into his economic theories. From current thought it has been argued that Schumpeter's ideas on business cycles and economic development could not be captured in the mathematics of his day - they need the language of non-linear dynamical systems to be partially formalized.

Famous Books:

Capitalism, Socialism, and Democracy (1942)

The posthumously-published History of Economic Analysis (1954).


 

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