When1: 1942
When2: 1951
Who: Joseph Schumpeter [Schumpeter, Joseph]
What: economist
Where: Austria/USA
works\ Capitalism, Socialism, and Democracy [1942 and 1951]
Detail: He lived 1883 to 1950 and studied entrepreneurs, innovation, and economic development. Capitalists manage, save, take risks, and supervise. Capitalists can save profits. Capitalists are at risk from business failure or trouble but have ownership as cushion. Capitalists use their social and economic power to get the most rewards and try to minimize rewards to workers. Capital tends to accumulate but has unfair distribution. Management can decentralize. Workers can supervise workers. Workers are at risk from business failure or trouble but have no ownership as cushion and cannot save profits.
Social Sciences>Economics>History>Macroeconomics
6-Economics-History-Macroeconomics
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Date Modified: 2022.0224