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Joseph Alois Schumpeter was an economist and a sociologist. He lived during the early 1900's, and had many books published in his lifetime. He was particularly well known for three works: The Theory of Economic Development (1912), Business cycles (1939) and Capitalism, Socialism, and Democracy (1942). He generally wrote from a socialist perspective but did not hesitate to acknowledge the positive aspects of all economic systems. The Theory of Economic Development stated that entrepreneurs will eventually become obsolete …

…published in German, 1912 5)Schumpeter, Joseph A. 1942. Capitalism, Socialism, and Democracy. New York: Harper and Brothers. (Harper Colophon edition, 1976.) 6)http://www.econlib.org/library/Enc/bios/Schumpeter.html, 2003 'The father of creative destruction' (online), 2002, 7)http://www.wired.com/wired/archive/10.03/schumpeter.html?pg=1 8)Denison, D.C. 2001, Article from the Boston Globe newspaper, http://web.mit.edu/skaplan/www/bostonglobe-cd-072001.html 9)McMinn, David. 1999, 'Business cycles & the number 56' (online) http://www.davidmcminn.com/pages/bcnum56.htm