This is a continuing live blog for the Innovation & Entrepreneurship Reading Group‘s discussion of Thomas McCraw’s Prophet of Innovation. You can see previous entries by clicking on the “Schumpeter Live Blog” tag below.
The second section of the book covers Schumpeter’s life between 1925 and 1940, following the death of his beloved mother and his beloved wife, who died in childbirth of his son, who also died. McCraw emphasizes that this had a rather profound impact on Schumpeter as he straddled time between Bonn and Harvard, all the while repaying the massive debts he accumulated during his vaunt into the private sector. The capstone of this section is that he, indeed, settled into Harvard permanently and reluctantly married for a third time. These events set the stage for the final act of his life as The Sage, as McCraw puts it.
Given the tragedy in his life and his need to pay off his massive debts, it is not surprising that this was not the most productive period for his scholarship. Two pieces jumped out at me as worth discussing — “Social Classes in an Ethnically Homogeneous Environment” and “The Instability of Capitalism.” Continue reading The Adult