Joseph Schumpeter

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Joseph Schumpeter (1883-1950) was the leading Austrian-American economist in the first half of the 20th century.

He viewed the entrepreneur as the prime mover of capitalism, and that in seeking profits the entrepreneur creates innovative organizational methods and production techniques. This innovation causes economic growth, but also leads to business cycles, which leads to disfavor of capitalism.

Schumpeter saw that occurring, citing the disappearance of the capitalistic institutions that had fostered entrepreneurship in the late 1800s and early 1900s.