Joseph Schumpeter

Joseph Alois Schumpeter was born to Johann and Marie Schumpeter in Triesch, a small town in the western part of Bohemia, then part of the Austro-Hungarian Empire.

Schumpeter enters the Theresianum, a prestigious secondary school in Graz, Austria, where he receives a classical education in languages, literature, and history.

Schumpeter earns his doctorate in law from the University of Vienna, where he studies under notable economists and legal scholars, including Eugen Böhm von Bawerk and Karl Polanyi.

Schumpeter is appointed to his first academic position as a professor of economics at the University of Czernowitz, now in Ukraine, where he begins to publish his early works on economic theory.

Schumpeter publishes his seminal work, 'The Theory of Economic Development,' which introduces the concept of 'creative destruction' and emphasizes the role of innovation and entrepreneurship in economic cycles.

Schumpeter is appointed as the Minister of Finance in the newly formed Republic of Austria, where he faces significant economic challenges and political instability in the aftermath of World War I.

Schumpeter takes on the role of president of the private Biedermann Bank in Vienna, but his tenure is short-lived due to financial difficulties and the bank's eventual collapse.

Schumpeter marries Elizabeth Boody, an American economist and translator who later becomes a significant collaborator in his academic work and personal life.

Schumpeter is appointed as a professor of economics at Harvard University, where he continues his research and teaching, becoming a leading figure in the field of economic thought.

Schumpeter publishes his most influential work, 'Capitalism, Socialism, and Democracy,' which explores the dynamics of capitalist development and the potential for socialism.

Joseph Schumpeter passes away at his home in Taconic, Connecticut, leaving behind a legacy as one of the most important economists of the 20th century.