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Joseph Schumpeter was an influential Austrian economist and political scientist born in 1883. Known for his contributions to economic theory, Schumpeter is best remembered for his theory of "creative destruction," emphasizing the role of innovation and entrepreneurship in driving economic progress. He held various academic positions, including at Harvard University, where he taught for many years. Schumpeter's works, such as "Capitalism, Socialism, and Democracy," continue to be studied and debated by scholars worldwide. He passed away in 1950, leaving a lasting legacy in the field of economics.