|Died||January 8, 1950|
Joseph Alois Schumpeter (8 February 1883 – 8 January 1950) was an Austrian-German-American researcher in economics and political science. He studied the theory of Marxism and capitalism. In his view, capitalism cannot work because of what he called creative destruction. This term was originally used by Karl Marx to describe the capitalist system, but Schumpeter used it differently: He says that each time innovation by entrepreneur occurs, it must (also) change what already exists. In this context, certain structures that already exist will also be destroyed. A current example of this is that digital photography has made the instant camera, such as Polaroid almost disappear.
Schumpeter was finance minister of Austria in 1919.