Thomas McCraw, a distinguished business historian, and Pulitzer Prize-winning author, dives into Schumpader's life, his concept of creative destruction, and his profound influence on economic theory.
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.