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 economic resurgence in between the 2 wars) as the backdrop for introducing this anglophile European's sharp, original and wide ranging economic thought and theories. Schumpeter's quote in the book sums up his attitude - that his ambition was to be the best economist in the world, horseman and lover and that he failed to meet his objective relating to the horses (no vanity then!) !
McCraw does a great job of explaining Schumpeter's economic thought including his coinage of the term 'creative destruction' which has become part of the business lexicon. Schumpeter was one of the most prolific economist writing more than 10,000 pages of published works - with each expressing an original idea, worth a career by itself. His pathbreaking ideas on innovation, economic history, entrepeneurs and his most popular book ' capitalism, socialism and democracy' (which clarified how capitalism is a sustainable system whereas socialism is not - hmmm) are explained well in the book without at any time becoming boring 'only for economists' textbook type. Whilst Schumpeter's legacy is being questioned as the capitalism seems to be in crisis after 2007 financial meltdown, the influence of this colourful, sharp intellectual will continue to underpin the economic and business thinking for another 100 years and McCraw makes sure his book is worthy of him. Recommended for people with interest in economics, struggles of great thinkers and those who like well written biographies.