Joseph Schumpeter

Includes a summary by Frank van Dun. Preface by F.A. Hayek. Read by Josiah Schmidt.

Menger was one of those thinkers who can claim a single decisive achievement that made scientific history. His name will be forever linked with a new explanatory principle which has revolutionized the whole field of economic theory.

In the Preface, Hayek writes: Schumpeter was very much a “master of his subject”, in contrast to the “puzzlers” or “muddlers” which follow their own distinct ideas; he also showed a strong receptivity to the dominant opinions in his environment and