Editing Joseph Schumpeter (section)

==Legacy==
For some time after his death, Schumpeter's views were most influential among various [[heterodox economics|heterodox economists]], especially Europeans, who were interested in industrial organization, [[evolution]]ary theory, and economic development, and who tended to be on the other end of the political spectrum from Schumpeter and were also often influenced by Keynes, Karl Marx, and [[Thorstein Veblen]]. [[Robert Heilbroner]] was one of Schumpeter's most renowned pupils, who wrote extensively about him in ''The Worldly Philosophers''. In the journal ''[[Monthly Review]]'', John Bellamy Foster wrote of that journal's founder [[Paul Sweezy]], one of the leading [[Marxist economics|Marxist economists]] in the United States and a graduate assistant of Schumpeter's at Harvard, that Schumpeter "played a formative role in his development as a thinker".<ref>{{cite magazine |first=John Bellamy |last=Foster |title=Sweezy in Perspective |magazine=Monthly Review |url= http://www.monthlyreview.org/080526foster.php |date=May 2008 |access-date=September 21, 2010}}</ref> Other outstanding students of Schumpeter's include the economists [[Nicholas Georgescu-Roegen]] and [[Hyman Minsky]] and [[John Kenneth Galbraith]] and former chairman of the Federal Reserve, [[Alan Greenspan]].<ref>{{cite book| quote =I've watched the process [creative destruction] at work through my entire career, | page= [https://archive.org/details/ageofturbulencea00gree/page/48 48] | last= Greenspan |first= Alan | title=The Age of Turbulence: Adventures in a New World |url= https://archive.org/details/ageofturbulencea00gree | url-access =registration |year=2007 |publisher=Penguin Press | isbn = 978-1594201318 }}</ref> Future Nobel Laureate [[Robert Solow]] was his student at Harvard, and he expanded on Schumpeter's theory.<ref>{{cite web|first=Mark |last=Thoma |url= http://economistsview.typepad.com/economistsview/2007/05/robert_solow_on.html |title=Robert Solow on Joseph Schumpeter |website=Economistsview.typepad.com |date=May 17, 2007 |access-date=September 21, 2010}}</ref>

Today, Schumpeter has a following outside standard textbook economics, in areas such as economic policy, management studies, industrial policy, and the study of [[innovation]]. Schumpeter was probably the first scholar to develop theories about [[entrepreneurship]]. For instance, the European Union's innovation program, and its main development plan, the [[Lisbon Strategy]], are influenced by Schumpeter. The [[International Joseph A. Schumpeter Society]] awards the Schumpeter Prize.

The Schumpeter [[business school|School of Business and Economics]] opened in October 2008 at the [[University of Wuppertal]], Germany. According to University President Professor [[Lambert T. Koch]], "Schumpeter will not only be the name of the Faculty of Management and Economics, but this is also a research and teaching programme related to Joseph A. Schumpeter."<ref>{{cite news|title=Opening ceremony: Schumpeter School of Business and Economics |publisher=University of Wuppertal |url= http://www.wiwi.uni-wuppertal.de/en/schumpeter-school/opening-ceremony.html |date=July 8, 2011 |url-status=dead |archive-url= https://web.archive.org/web/20111001050017/http://www.wiwi.uni-wuppertal.de/en/schumpeter-school/opening-ceremony.html |archive-date=October 1, 2011 }}</ref>

On September 17, 2009, ''[[The Economist]]'' inaugurated a column on business and management named "Schumpeter".<ref name="TakingFlight">{{cite magazine |title=Schumpeter: Taking flight |date=September 17, 2009 |magazine=The Economist |url= https://www.economist.com/business/2009/09/17/taking-flight |access-date=December 19, 2019}}</ref> The publication has a history of naming columns after significant figures or symbols in the covered field, including naming its British affairs column after former editor [[Walter Bagehot]] and its European affairs column after [[Charlemagne]]. The initial Schumpeter column praised him as a "champion of innovation and entrepreneurship" whose writing showed an understanding of the benefits and dangers of business that proved to be far ahead of its time.<ref name="TakingFlight"/>

Schumpeter's thoughts inspired the economic theory of [[Adam Przeworski]].<ref>{{cite journal|first1=Arthur J. |last1=Jacobson |first2=John P. |last2=McCormick |url= https://academic.oup.com/icon/article/3/4/706/792056?searchresult=1 |title=The business of democracy is democracy |journal=International Journal of Constitutional Law |volume=3 |issue=4 |date=October 1, 2005 |pages=706–722 |doi=10.1093/icon/moi049 |issn=1474-2659 |access-date=December 5, 2023|doi-access=free }}</ref>