The chapter delves into the multifaceted personality and exceptional memory of a prominent figure, highlighting his aversion to popularizing his work and dedication to his students. It contrasts his writing style with other social theorists and discusses his contrarian views on big business and competition within capitalism.
Thomas McCraw of Harvard University talks about the ideas of Joseph Schumpeter from his book, Prophet of Innovation: Joseph Schumpeter and Creative Destruction. McCraw and EconTalk host Russ Roberts discuss innovation, business strategy, the role of mathematics in economics, and Schumpeter's vision of competition embodied in his most important idea--creative destruction.