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» Capitalism survive, 1952.
Schumpeter described entrepreneurship in terms of creative destruction. He believes in the idea that a new product, idea or services will revolution the economy. The economy works in cycle. This theory was popularized by the Austro-American economist (Schumpeter) but at the beginning it was a work from Kondratieff, the « fifty year Kondratieff cycle ». The Russian economist describes the economy in cycle. At the beginning of a cycle we have a technological advance. These inventions involve a huge creation of jobs and they are doing exceptionally well. Then the economy who was created by this advance faces to a sudden crisis...
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