This prominent 20 century Austrian-American economist was fond of declaring his immodest aspirations to be “to be the greatest lover in Vienna, the best horseman in Europe, and the greatest economist in the world.” Sometimes he added, “The horses have not been accommodating.” He supervised Paul Samuelson’s PhD thesis but is probably best known for his description of market dynamics as, “a gale of creative destruction.”
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Daniel Bernoulli |
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Biological evolution |
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Adam Ferguson |
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Joseph Schumpeter |
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Neoclassical economics |
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Economic man |
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Ben Franklin |
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Jonathan Swift |
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Adam Smith |
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Stanley Jevons |
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Jeremy Bentham |
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Ronald Coase |
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Alchian and Demsetz
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Joseph Schumpeter was the austrian american economist. He was inspired from the socialist theory of Karl Marx, and proposed the theory of economic innovation also called as the gale of creative distruction. In his famous book Capitalism, Socialism and Democracy he aggree's with Karl Marx that the capitalism tends to collapse, as the dissatifaction amoung the workers rises. Marx beleive in violent actions to overthrow the capitalism, whereas Schumpeter's beleive that capitalism will be self weakened and destroyed eventually.
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