![]() He is also an emeritus professor of economics with the Naval Postgraduate School and a research fellow with the Hoover Institution at Stanford University. Henderson is the editor of The Concise Encyclopedia of Economics. Then, too, he suffered some dreadful personal tragedies, such as the death of his 23-year-old wife in childbirth, and of his newborn son 4 hours later. Theres no denying his personal appeal, especially to women and to scholars and students of both sexes. Schumpeter was president of the American Economic Association in 1948.ĭavid R. Joseph Schumpeter’s classic Capitalism, Socialism, and Democracy explains the process of capitalism’s creative destructiona key principle in understanding the logic of globalization.' Thomas L. Capitalism, Socialism and Democracy, for example, appeared when he was 59. In that same year he accepted a permanent position at Harvard, where he remained until his retirement in 1949. With the rise of Hitler, Schumpeter left Europe and the University of Bonn, where he was a professor from 1925 until 1932, and emigrated to the United States. In 1911 Schumpeter took a professorship in economics at the University of Graz. ![]() He was one of the more promising students of Friedrich von Wieser and Eugen von Böhm-Bawerk, publishing at the age of twenty-eight his famous Theory of Economic Development. Born in Austria to parents who owned a textile factory, Schumpeter was very familiar with business when he entered the University of Vienna to study economics and law. ![]()
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