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Joseph Schumpeter

Caption: Joseph Schumpeter (1883-1950), an Austrian-born Harvard scholar ranked among the world's most influential economists. His 1911 book, "The Theory of Economic Development," advanced the notion that innovation and individual entrepreneurship are the dynamic foundations of a nation's economic evolution, that "creative destruction" and the renewal of tools and processes within an economy continuously refreshes the system and results in rising prosperity, ideas deemed inapplicable to developing countries by pessimistic architects of global development policies in the 1950s.

Credit: http://en.wikipedia.org/wiki/Joseph_Schumpeter

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Related news release: Pessimism of early global policy architects stunted developing nations' economies: Harvard study

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