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Joseph Alois Schumpeter (German: [ˈʃʊmpeːtɐ]; 8 February 1883 – 8 January 1950)[1] was an Austrian-American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics

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“Nothing is so treacherous as the obvious.” — Joseph Schumpeter - Théorie de l'évolution économique. Recherches sur le profit, le crédit, l'intérêt ...: Réimpression de la 2e édition de 1935 - Joseph Alois Schumpeter - Livres


Joseph Schumpeter's assertion that the “democratic method is that institutional arrangement for arriving at political decisions in which individuals acquire the power to decide by means of a competitive struggle for the people's vote” (1956, p. 269), still stands as a concise statement of the elitist view. In this view, the emphasis is placed on responsible political leadership. Political leaders are to avoid divisive and emotionally charged issues and make policy and law with little regard…