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Thomas K. McCraw
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Prophet of Innovation: Joseph Schumpeter and Creative Destruction

4.09  ·  Rating Details  ·  142 Ratings  ·  23 Reviews
Pan Am, Gimbel's, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland--all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. "Creative destruction," h ...more
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John and Kris
Jul 22, 2010 John and Kris rated it really liked it  ·  review of another edition
I was shamed into reading this book. And I’m glad I was. During most conversations I have on a daily basis I feel completely comfortable with the topic – that is I know something about the topic or can steer the conversation toward something I’d rather discuss. A month ago we were invited over for dinner and I was put on the spot. I had no idea who Joseph Schumpeter was or what he thought about anything – much less about his view on innovation, Marx, and the future of capitalism. That night, soo ...more
Herve
Mar 31, 2012 Herve rated it it was amazing  ·  review of another edition
This is a (very long) summary of “Prophet of Innovation - Joseph Schumpeter and Creative Destruction” by Thomas McCraw, Harvard University Press, 2007. In fact, these are extracts from the book and I mentioned the pages as much as I could. If you are courageous enough to read until the end, you might be interested in buying the full book. Schumpeter is clearly the Prophet of Innovation and Thomas McCraw’s book is a great piece of historical and economic analysis. It is about Schumpeter life, whi ...more
Samin Kashmy
Good book to know about the initial thoughts on capitalism and schumpeter particularly!Loved it.
Vandita
Mar 18, 2012 Vandita rated it really liked it  ·  review of another edition
Shelves: finance-business
McCraw, one of the most respected business historians, finds a perfect subject in Jo Schumpeter, one of the top economists of the last century (along with Keynes, who occupied the other end of the economic thought spectrum). The biography presents Schumpeter's personal life (with many women as his carers, lovers and influencers followed by many tragedies through his life with some women he loved most being lost to death) and the context of his times (2 world wars and Germany's political and econ ...more
Robert
Aug 25, 2008 Robert rated it it was amazing  ·  review of another edition
Of greatest interest to me is the context or frame-of-reference the biographical material provides for one of Schumpeter's most influential business concepts, "creative destruction," which he introduced in his most popular book, Capitalism, Socialism, and Democracy," first published in 1942. Scholars have divided opinions as to the influences on Schumpeter's development of this concept. They probably include Karl Marx, Friedrich Nietzsche, and Werner Sombart.

According to Schumpeter, there is a
...more
Converse

Joseph Schumpeter(1883-1950)was a central European economist who spent the last eighteen years of his life at Harvard University. He was born in the Austro-Hungarian empire, in what is now Czechloslovakia to German-speaking parents (his father's family had lived in the area for centuries), but after his father died when he was four his mother moved to Austria and made sure he received an elite education. His degree from the University of Vienna was actually in law, but the topic in that time an

...more
Adriaan Jansen
Jun 06, 2015 Adriaan Jansen rated it it was amazing  ·  review of another edition
Shelves: economics
In this biography of 20th century economist Joseph Schumpeter, Thomas McCraw strikes a good balance between Schumpeter's life&times on the one hand and his thoughts, theories and ideas about economics on the other.

Schumpeter's academically active life spans the first part of the 20th century. As a resident of Vienna, Bonn and Boston, he had first hand experiences of WW 1, the great depression and WW 2. Besides the history of Schumpeter's life, the book gives several interesting insights int
...more
Petesea
Jul 08, 2012 Petesea rated it it was amazing  ·  review of another edition
Schumpeter was something else - great economist, teacher, mentor and a true innovator. Finding out more about him through this book makes me want to read his classic - Capitalism, Socialism, and Democracy. So many of the terms we take for granted were dear to Schumpeter - creative destruction, innovation, capitalism, venture capital, business strategy and business history to name a few. He was truly a Renaissance Man - raised and educated in the Austro-Hungarian Empire, world traveler, lawyer, p ...more
Hubert
Mar 23, 2016 Hubert rated it it was amazing  ·  review of another edition
One of the most well written books I have read in a while. Fascinating discourse on Schumpeter's thoughts, relevant last century and just as relevant today. I wish some more DC folks would read about him and less about Keynes.
Tyson Strauser
Schumpeter was a truly incredible thinker. While not a strict Austrian nor German economist, Schumpeteter's powerful research on the importance of the entrepreneur and the characteristics of the business cycle are still relevant today. Though less well-known than Keynes, Schumpeter's idea of creative destruction and the power of the entrepeneur to drive innovation will likely stand the test of time. Unfortunately, history repeats itself and the current wave of Keynesian government intervention t ...more
Josh
Apr 04, 2011 Josh rated it liked it  ·  review of another edition
I'd say 3.5 stars for this book. The concept of creative destructionism alone is worth digesting if it's not something you've come across (The Ecnomist has a weekly column in his name). New developments, particularly creative ones vs. adaptive, will inherently be disruptive from everything from the car replacing the carriage to the computer usurping the typewriter. Beside the ideas reading about Schumpeter's life is fairly inspiring between his work ethic, affability among economists of all stri ...more
Jesper Balslev
Aug 23, 2014 Jesper Balslev rated it it was amazing  ·  review of another edition
Shelves: sociologi, konomi
Wow, simpelthen wow.
David
May 06, 2010 David rated it it was amazing  ·  review of another edition
Read this for an academic reading group and it was very well received. I liked the parts talking about his thinking and the historical surroundings than the particulars of his relationships, but it was fun to plow through. I have some background material on my blog.

http://blogs.lawrence.edu/economics/2...
Neil
I started this on the basis of "Creative Destruction" - an interesting biography of an economist in economically interesting times.
The book placed the phrase and concept in the context of the man, his experiences and history.
Kevin Kosar
Apr 22, 2012 Kevin Kosar rated it really liked it  ·  review of another edition
A very good biographer of an incredible man and thinker. My review of this book appeared in The Weekly Standard...
Joel
Jun 11, 2008 Joel rated it it was amazing  ·  review of another edition
Schumpeter has long been my intellectual hero, so my five stars are hardly impartial. But if you have any interest in economics and innovation and history, this is a must-read. Highly recommended!
John
Aug 05, 2008 John rated it it was amazing  ·  review of another edition
The greatest economists that we've never heard of. Schumpeter is seeing an awakening. Too bad Keyes' failed policies were in vogue in 1930-1970.
Adam
Jul 13, 2015 Adam rated it really liked it  ·  review of another edition
The weaving in of the personal to Schumpeter's intellectual development was fascinating. Great insight on a seminal figure in innovation.
Ryan Wright
Jun 16, 2010 Ryan Wright rated it it was amazing  ·  review of another edition
Must read for folks in this academic area and in the practice of creativity.
Andrew
Nov 23, 2012 Andrew rated it liked it  ·  review of another edition
Interesting biography, but could have been half as long.
Bob Costello
Jul 25, 2014 Bob Costello rated it it was amazing  ·  review of another edition
Great Book. Good range of economic theory.
Epperson219
Dec 12, 2008 Epperson219 is currently reading it  ·  review of another edition
I won't stop learning about economics
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