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Joseph Schumpeter
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Joseph Schumpeter

  Austrian economist and influential political scientist famous for coining the phrase "creative destruction" (1883-1950)
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Creative destruction occurs when a new economic product or service displaces an old one. For example, the popularity of personal computers displaced larger computers and electric typewriters. Schumpeter argued that the "process of creative destruction is the essential fact about capitalism."  and that although uncomfortable, it is the source of most economic progress.
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Wikipedia: Schumpeter
Wikipedia: Creative Destruction
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Associated words [difficulty]:   Joseph Schumpeter , Keynes [9] , Milton Friedman [9]
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Most commonly used in these subjects:   History, Business, Philosophy, Public Policy & Politics
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