Years of life: 1883 — 1950
Economist and political scientist
Credo: Destruction — the progress mechanism.
Best-seller: "Capitalism, socialism and democracy" (1942).
Quote: "A depression for capitalism is like a cold shower".
Principles. Shumpeter's opening — is the principle of "creative destruction". Innovations in economy are made by businessmen who do business (creativity) better. Their success leads to leaving of the old companies and ways of earnings (a destructive component). So cars came instead of carriages, computers — to replace typewriters, and the Internet kills print media. A task — to be on the correct party in historical process.
Invest like Shumpeter. Fonds of stocks of the companies with small capitalization are ideally suited for search of "destroyers" on Shumpeter. For example, Lord Abbett Developing Growth Fund and Wasatch World Innovators Fund in 2013 showed growth in 57% and 34% respectively.
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