Footsteps

Dr. Jan-Urban Sandals artikkel

In the Footsteps of The Early Joseph Alois Julius Schumpeter
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Scientific Bulletin of Chernivtsi National University

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At the age of 29, Joseph A. Schumpeter published his revolutionizing book, Theorie der Wirtshaftlichen Entwicklung (English title: Theory of Economic Development). He was then the youngest professor in economy in the Austrian-Hungarian Empire. He asserted that the most important period in a human’s life was the third decade. 100 years later his name is celebrated with distinguished words as world-renowned economist, minister, social philosopher and humanist. In this article several main topics related to Schumpeter's 1912 theory will be analyzed: his early years and social background, big distinctions in relation to established myths and false dogmas and the relevance of the theory today.