Exploring the life experiences and profound impact of a notable economist who defied conventions through extensive travels and outsider status, shaping their insights on capitalism, socialism, and democracy. Contrasting with other economists like Keynes, the chapter highlights the enduring influence of their work and reflects on their defense of capitalism as a dynamic system in a changing world.
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.