Joseph Alois Schumpeter was an economist and a sociologist. He lived during the early 1900's, and had many books published in his lifetime. He was particularly well known for three works: The Theory of Economic Development (1912), Business cycles (1939) and Capitalism, Socialism, and Democracy (1942). He generally wrote from a socialist perspective but did not hesitate to acknowledge the positive aspects of all economic systems.
The Theory of Economic Development stated that entrepreneurs will eventually become obsolete and economic development will become mechanised. …
