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A short video of my theory, creative destruction, applied to the modern day ice industry.

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A short video of my theory, creative destruction, applied to the modern day ice industry.

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Watch and listen as Creative Destruction illustrates the economic cycles that occur within capitalism as technology evolves over time. While this process does not always benefit everyone, it is an essential part of economic growth and innovation.

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My name is Joseph Alois Schumpeter, born on February 8th, 1883 and raised in Triesch, Moravia. My father owned a textile factory and he tragically passed away before I had the chance to truly know the man. My mother soon remarried a high-ranking officer in the Austro-Hungarian army to support the family without my father. With this support, my early education was held in the Theresianum in Vienna. The fluctuation in my family didn't shift my education by much as I focused on humanities in school. After my high school education, I was accepted into the University of Vienna to continue my interest in law and economics. Luckily, I was able to be a pupil of a great economist, Eugen Böhm von Bawerk. I received my PhD in 1906 and soon became a professor in the fields of government science at University of Czernowitz. I would soon find myself to spend the upcoming bloody years in the University of Graz. Many shifts in works happened after the Great War and one of the most notable would be teaching at Harvard between 1927-1928, 1930-1931. During my stay at Harvard, I published two works and with one that contains my proudest work, creative destruction. Until this point in life, I have achieved two of my three goals: to be the greatest economist in the world, to be the best horseman in all of Austria and the greatest lover in all of Vienna.

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My proudest work out of all my publications would be Capitalism, Socialism and Democracy where I extracted the essential element that drives democracy and capitalism, creative destruction. Not only so, I compared the fundamental factors of socialism and capitalism and whether both can be present in an economy. For capitalism, I argued that if one's economy grow strong and the society stabilizes, the education level within the country will rise to a number where fulfilling jobs are in low supply. Unlike uneducated individuals, if the high standards are not found in a job and the educated ones are left jobless, they will protest and fight for their rights. Continuing, they will develop critical ideas against the free market and capitalism. The only solution will be implementing some form of socialism within the society to fulfill the needs of all individuals. As a result, social democratic parties will slowly gain control in the government and laws regarding equal rights for all will likely be passed. Entrepreneurship, the foundation of capitalism, will be restricted and marks the downfall of capitalism. I believe this theory will eventually be recognized as the foundation of modern day capitalism.

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I noticed that I have made significant contributions to areas such as economic policy, management studies, industrial policy, and the study of innovation. For example, the European Union’s innovation program, and its main development plan, the Lisbon Strategy, was influenced by me. The Lisbon Strategy aimed to make the EU the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs. In 2008, a school named after me, called the Schumpeter School of Business and Economics was opened at the University of Wuppertal. In 2009, The Economist, inaugurated a column on business and management named “Schumpeter.”

Furthermore, I recently found a study conducted by Amit Seru, a professor of finance at Stanford Graduate School of Business; Leonid Kogan from Massachusetts Institute of Technology; Dimitris Papanikolaou from Northwestern University; and Noah Stoffman from Indiana University. This study  was inspired by my theory of creative destruction, confirming that the rate of innovation is a disruptive force between competitors and that periods of rapid technological innovation lead to an increase in overall productivity and economic growth. Seru and his colleagues achieved their findings by measuring the economic impact of millions of patents that companies have received from 1926 to 2011. They looked at almost 1.8 million patents that were given to publicly traded companies from 1926 and 2011.

The researchers examined the situation of companies that were quicker or slower to get patents. Interestingly, they discovered that there was a strong correlation between the pace of receiving a patent and a company’s future growth and competitive edge. Companies in the top 10% on innovation (companies who received patents quicker), experienced annual growth rates during the next five years that were 1 to 3 percentage points faster than those of companies with only a median pace of innovation. On the other hand, companies that where behind their industry's innovative pace experienced annual growth over the next five years slow by as much as 2.5 percentage points.

To prove that innovation increases the overall size of the economy, Seru and his colleagues used their data on patents to create an “innovation index” and then looked at how the index tracked with increases in overall economic growth and productivity. They found that a significant increase in overall innovative output correlated to an increase in annual economic output between 0.6 and 6.5 percentage points.

Overall, I am very pleased to see my influence of the today’s society.