Joseph A. Schumpeter was born in Triesch, Austria in 1883. After a European career divided among business, teaching, and active politics, he spent the last twenty years of his life until his death, in February 1950, as Professor of Economics at Harvard. Among his works are: THE THEORY OF ECONOMIC DEVELOPMENT; BUSINESS CYCLES; CAPITALISM, SOCIALISM, AND DEMOCRACY; and THE HISTORY OF ECONOMIC ANALYSIS.