Joseph Schumpeter (February 8, 1883, Triesch, Moravia—January 8, 1950, Taconic, Connecticut) was a prominent Moravian-born American economist and sociologist, celebrated for his pioneering theories on capitalist development, innovation, and business cycles. Schumpeter’s most influential concept, “creative destruction,” described the process by which innovation disrupts existing markets and business models, paving the way for new growth and economic evolution. This idea has become foundational in economic and entrepreneurial theory.

Educated at the University of Vienna, Schumpeter held teaching positions at the universities of Czernowitz, Graz, and Bonn before emigrating to the United States, where he joined Harvard University’s faculty in 1932. He remained at Harvard until his death in 1950, significantly shaping economic thought in the United States. Briefly serving as Austria's Minister of Finance in 1919, Schumpeter also brought practical governmental experience to his academic work. His seminal work, *Capitalism, Socialism, and Democracy* (1942), explores the dynamic nature of capitalism and continues to influence discussions on economic and social systems. Schumpeter’s contributions have left a lasting legacy, shaping how economists view the impact of innovation, entrepreneurship, and economic cycles.