FOLIO I · THINKER · GEN. 03 · N° 023

Joseph A. Schumpeter

Works
44
Articles
165
Generation
3.
Portrait of Joseph A. SchumpeterPortrait of Joseph A. Schumpeter: Schumpeter, Portrait um 1920 (1920)Portrait of Joseph A. Schumpeter: Schumpeter, Quarter-length-Portrait um 1910 (1910)
FOL. 03 · N° 023 · Joseph A. Schumpeter
BIOGRAPHY

Life and Work

After the early death of his father, Schumpeter's mother Johanna moved to Graz, where in 1893 she married the Lieutenant Field Marshal Sigismund von Kéler, who was 32 years her senior, and moved with him to Vienna. After an outstanding school-leaving examination (Matura) at the Theresianum, Schumpeter began to study law, but under the influence of Menger's students Friedrich von Wieser, Eugen von Böhm-Bawerk and Eugen Philippovich von Philippsberg he turned above all to economics. After graduating he added to his "Austrian" training, at the London School of Economics and in Oxford and Cambridge, an English education that was still rare at the time. With Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie (The Nature and Essence of Economic Theory, 1908), which offered a balanced account of the Methodenstreit and a clear plea for methodological individualism, he gained his habilitation in that same year and in 1909 took up an associate professorship in Czernowitz (today Chernivtsi, Ukraine). In 1911, at the age of 28, he was appointed to the chair of "Political Economy" at the University of Graz. A short time later he published his Theorie der wirtschaftlichen Entwicklung (The Theory of Economic Development, 1912), which quickly attracted international attention. In 1914 Schumpeter took up a visiting professorship at Columbia University in New York. On his return from America he was at once elected dean of the Faculty of Law in Graz. Schumpeter regarded himself above all as a scholar. He repeatedly stressed that he wished to refrain from all political value judgements and at most to provide theoretical guidance for economic-policy measures. Nonetheless he took on political activities and offices. Immediately after the World War he became a member of the German Socialization Commission. To everyone's astonishment, Schumpeter advocated the complete and immediate nationalization of coal mining. In 1919 Schumpeter was even appointed finance minister in the socialist government. Seven months later, however, he had to resign. From 1925 Schumpeter taught as a full professor of economic and political science in Bonn and saw to it that Bonn became a meeting point for economists from all over the world. In 1932 Schumpeter ended his teaching in Germany and moved to Harvard University in Cambridge (USA). As earlier in Bonn, at Harvard too he gathered around him an illustrious circle of enthusiastic post-graduate students and young researchers. In this way Schumpeter contributed substantially to the "golden age of economics" at Harvard. His work on entrepreneurship theory and on capitalism made him one of the best-known economists in the United States. Three major works date from this period: Business Cycles (1939), Capitalism, Socialism, and Democracy (1942) and History of Economic Analysis (1954).
Metadata
8. Februar 1883
8. Januar 1950
Generation 3
Life stations

Stations

  1. 1883
    1883
    Birth

    Born on 8 February 1883 in Triesch (today Třešť), Moravia.[1]

  2. 1887
    1887
    Death of the Father

    His father, a cloth manufacturer, died in 1887, when Joseph was four years old.[1]

  3. 1893
    1893
    The mother's marriage to Sigismund von Kéler

    After the early death of his father, Schumpeter's mother Johanna moved to Graz, where in 1893 she married Field Marshal Lieutenant Sigismund von Kéler, thirty-two years her senior, and relocated with him to Vienna.[1]

  4. 1893
    1893
    Move to Vienna— approximate

    Moved to Vienna with his mother and stepfather following their marriage in Graz.

  5. ⁦1893–1901⁩
    ⁦1893–1901⁩
    Theresianum

    Attended the Theresianum in Vienna from 1893 to 1901; passed the Matura with distinction.[1]

  6. ⁦1901–1906⁩
    ⁦1901–1906⁩
    Studies in Law and Economics

    Studied law in Vienna; under the influence of Menger's pupils Friedrich von Wieser, Eugen von Böhm-Bawerk and Eugen Philippovich von Philippsberg, he turned above all to economics.[1]

  7. 1906
    1906
    Doctorate in Law (Dr. iuris)

    Doctorate in law (Dr. iuris) at the University of Vienna in February 1906.[1]

  8. ⁦1906–1907⁩
    ⁦1906–1907⁩
    Study Visit to Berlin and London

    A period of study and research in Berlin (1906) and London (1906–1907), following his doctorate.[1]

  9. ⁦1906–1908⁩
    ⁦1906–1908⁩
    Studies at the LSE, Oxford and Cambridge— approximate

    After completing his degree in Vienna, Schumpeter added to his 'Austrian' training a then still rare English education at the London School of Economics and at Oxford and Cambridge.

  10. 1907
    1907
    First Marriage to Gladys Ricarde Seaver

    In 1907 he married Gladys Ricarde Seaver, an Englishwoman twelve years his senior and the daughter of a senior Anglican dignitary. They separated in 1913 and divorced in 1925.[4]

  11. ⁦1907–1908⁩
    ⁦1907–1908⁩
    International Court in Cairo

    Position at the International Mixed Court in Cairo, 1907–1908; he handled commercial cases and used the time to work on his Habilitation manuscript.[1]

  12. 1908
    1908
    <em>Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie</em> (The Nature and Essence of Economic Theory)

    Publication of <em>Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie</em> (1908), with a balanced account of the Methodenstreit and a plea for methodological individualism.

  13. 1909
    1909
    Habilitation

    Habilitation at the University of Vienna in 1909, shortly after the publication of "The Nature and Essence of Economic Theory" (1908).[1]

  14. ⁦1909–1911⁩
    ⁦1909–1911⁩
    Associate Professorship in Czernowitz

    Took up an associate professorship in Czernowitz, in present-day Ukraine, in 1909.[1]

  15. ⁦1911–1921⁩
    ⁦1911–1921⁩
    Chair of Political Economy in Graz

    At the age of twenty-eight, appointed to the Chair of "Political Economy" at the University of Graz.[1]

  16. 1912
    1912
    "The Theory of Economic Development"

    Publication of "The Theory of Economic Development" (1912), which quickly attracted international attention.

  17. 1914
    1914
    Visiting professorship at Columbia University

    Took up a visiting professorship at Columbia University in New York in 1914.[1]

  18. 1915
    1915
    Dean of the Graz Faculty of Law— inferred

    Having returned from America, Schumpeter was immediately elected Dean of the Graz Faculty of Law.

  19. 1918
    1918
    Member of the German Socialisation Commission

    Member of the German Socialisation Commission under Karl Kautsky in 1918; to everyone's surprise, he advocated the complete and immediate nationalisation of coal mining.

  20. 1919
    1919
    Minister of Finance

    Appointed Minister of Finance in the socialist government in 1919; seven months later he was forced to resign.[1]

  21. ⁦1921–1924⁩
    ⁦1921–1924⁩
    President of the Biedermann Bank

    From 1921, president of the M. L. Biedermann & Co. Bank in Vienna; after financial losses in 1924, he resigned in 1925.[1]

  22. 1925
    1925
    Second Marriage to Anna Reisinger

    In 1925 he married, as his second wife, Anna Josefina Reisinger (the daughter of the caretaker in his mother's house, twenty years his junior); she died on 3 August 1926 giving birth to their first child – the child did not survive either.[5]

  23. ⁦1925–1932⁩
    ⁦1925–1932⁩
    Full Professor in Bonn

    From 1925, he held the chair of economic and political sciences in Bonn; he made Bonn a meeting place for economists from around the world.[1]

  24. ⁦1927–1928⁩
    ⁦1927–1928⁩
    Visiting Professorship at Harvard

    Visiting professorship at Harvard University in 1927/28 (and again in 1930) – preparing the later appointment to Harvard.[6]

  25. ⁦1932–1950⁩
    ⁦1932–1950⁩
    Move to Harvard University

    In 1932 Schumpeter ended his teaching in Germany and moved to Harvard University in Cambridge (USA); he gathered around him a distinguished circle of postgraduate students and young researchers and contributed to the 'golden age of economics' at Harvard.[1]

  26. 1937
    1937
    Third Marriage to Elizabeth Boody

    In 1937 he married, as his third wife, the American economic historian Dr Elizabeth Boody (1898–1953). After his death she would edit and publish his manuscript of the <em>History of Economic Analysis</em> posthumously (1954).[7]

  27. 1939
    1939
    <em>Business Cycles</em>

    Publication of <em>Business Cycles</em> (1939) during his time at Harvard.

  28. 1939
    1939
    US Citizenship

    Received US citizenship in 1939.[6]

  29. 1942
    1942
    <em>Capitalism, Socialism and Democracy</em>

    Publication of <em>Capitalism, Socialism and Democracy</em> (1942), one of the three major works from his time at Harvard.[2]

  30. 1950
    1950
    Death

    Died on 8 January 1950 in Taconic, Connecticut.[1]

  31. 1954
    1954
    <em>History of Economic Analysis</em> (posthumous)

    Posthumous publication of <em>History of Economic Analysis</em> (1954), the third of his great late works.[2]

Relationships

Influences

Influenced by · 3
  1. ⁦1901–1906⁩
    ⁦1901–1906⁩

    Wandte sich während des Studiums in Wien unter dem Einfluss Eugen von Böhm-Bawerks vor allem der Nationalökonomie zu; Böhm-Bawerk war einer der prägenden akademischen Lehrer der Wiener Studienzeit.[1]

  2. ⁦1901–1906⁩
    ⁦1901–1906⁩

    Turned to economics during his studies in Vienna under the influence of Eugen Philippovich von Philippsberg; alongside Wieser and Böhm-Bawerk, Philippovich belonged to the circle of formative Menger students at the University of Vienna.[1]

  3. ⁦1901–1906⁩
    ⁦1901–1906⁩

    Turned to economics during his law studies at the University of Vienna under the influence of Menger's student Friedrich von Wieser.[1]

Influenced · 6
  1. —
    —
    James Tobin⁦(1918–2002)⁩ · Yale-Schule

    Tobin took his doctorate as a doctoral student under Schumpeter at Harvard University.[6]

  2. —
    —
    Paul Samuelson⁦(1915–2009)⁩ · MIT-Neoklassik

    Samuelson took his doctorate as a doctoral student under Schumpeter at Harvard University.[6]

  3. —
    —

    Studied in Graz under Joseph A. Schumpeter.[12]

  4. —
    —
    John Kenneth Galbraith⁦(1908–2006)⁩ · US-Institutionalismus

    Galbraith ranks among Schumpeter's outstanding students at Harvard.[6]

  5. —
    —
    Robert Heilbroner⁦(1919–2005)⁩ · US-Wirtschaftsgeschichte

    Heilbroner is described as one of Schumpeter's outstanding Harvard students.[8]

  6. —
    —
    John Maynard Keynes⁦(1883–1946)⁩ · Cambridge School

    An intellectual antipode to John Maynard Keynes during the Harvard period from 1932 onward: with Business Cycles (1939) and Capitalism, Socialism, and Democracy (1942), Schumpeter set against Keynesian macroeconomics a reading grounded in business-cycle and entrepreneurship theory.

Private seminar, colleagues, Mont Pèlerin · 3
  1. ⁦1905–1906⁩
    ⁦1905–1906⁩

    Schumpeter besuchte Böhm-Bawerks berühmtes Privatseminar an der Universität Wien gemeinsam mit dem jungen Mises (Aufgabenhinweis Pipeline-Briefing).

  2. ⁦1936–1950⁩
    ⁦1936–1950⁩

    As a professor at Harvard University, Haberler worked together with Joseph Schumpeter.[6]

  3. —
    —

    Fellow student at the University of Vienna up to the time of his doctorate in 1904.[9]

Joseph A. Schumpeter in the context of the School as a whole: five generations, their teacher-student lineages, circles and collegial ties.

SOURCES ON STATIONS AND RELATIONSHIPS37 citations · 4 sources
  • [4]McCraw: Prophet of Innovation (2007)
  • [5]McCraw: Prophet of Innovation (2007)
  • [6]McCraw: Prophet of Innovation (2007) · 6×
  • [7]McCraw: Prophet of Innovation (2007)
  • [8]Heilbroner: The Worldly Philosophers (1999)
  • [9]Somary: Erinnerungen aus meinem Leben (1959)
Topography

Places of Activity

CATALOGUE OF WORKS · CHRONOLOGICAL

The Books

1900s
1908
Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie
OriginalGerman
Further editions
1910s
1910
Wie studiert man Sozialwissenschaft?
OriginalGerman
1911
Schumpeter develops a purely economic theory of economic development: the force that changes the economic system from within originates with the entrepreneur, who carries through new combinations of the means of production (a new good, a new method, a new market, a new source of supply, a new form of organization). The first chapter depicts the static circular flow of an economy at rest in equilibrium, in which all product value derives from labour and land and neither entrepreneurial profit nor interest arises. The following chapters address the fundamental phenomenon of development, credit and capital as the creation of purchasing power, entrepreneurial profit as a surplus over costs, interest on capital as an agio of present over future purchasing power, and finally the business cycle, whose upswing and depression are explained by the swarm-like appearance of entrepreneurs. Throughout, Schumpeter separates statics from dynamics and relates his approach to Walras and Marx.
OriginalGerman
Further editions
  • The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle1934
    OriginalEnglish
1914
Epochen der Dogmen- und Methodengeschichte
OriginalGerman
Further editions
  • Economic Doctrine and Method: An Historical Sketch
    OriginalEnglish
Grundriss der Sozialökonomik
OriginalGerman
1915
Vergangenheit und Zukunft der Sozialwissenschaften
OriginalGerman
Wie studiert man Sozialwissenschaft
OriginalGerman
1916
Grundlinien einer neuen juristischen Studienordnung
OriginalGerman
1918
Die Krise des Steuerstaates
OriginalGerman
1920s
1923
Business Cycles Vol. I A Theoretical Historical and Statistical Analysis of
OriginalEnglish
ARTICLES · 165 CATALOGUED

Essays, Reviews, Lectures

1900s
1905
Die internationale Preisbildung
OriginalGerman
Die Methode der Index-Zahlen
OriginalGerman
Die Methode der Standard Population
OriginalGerman
1906
Bernhard Rost: Über das Wesen und die Ursachen unserer heutigen Wirtschaftskrisis; Otto Karmin: Zur Lehre von den Wirtschaftskrisen [Gemeinsame Rezension]
OriginalGerman
H. Deutsch: Qualifizierte Arbeit und Kapitalismus. Werttheorie und Entwicklungstendenzen [Rezension]
OriginalGerman
Johannes Leonhard: Neue Feststellung des Wertbegriffes und ihre Bedeutung für die Volkswirtschaft [Rezension]
OriginalGerman
Rudolph Auspitz
OriginalEnglish
Über die mathematische Methode der theoretischen Ökonomie
OriginalGerman
1907
Das Rentenprinzip in der Verteilungslehre
OriginalGerman
J. W. Schiele: Über den natürlichen Ursprung der Kategorien Rente, Zins und Arbeitslohn [Rezension]
OriginalGerman
APA
Chicago
German historical style