Who is Joseph Schumpeter from The Worldly Philosophers and what is their importance?

Joseph Schumpeter was born in Austria in 1883. Educated at the elite Theresianum, a school for the children of aristocrats, and later at the University of Vienna, he went into to work as a financial advisor to an Egyptian princess. His first book, The Theory of Economic Development, received so much attention that he obtained a professorship in Austria. He worked in government for a brief time following World War I, and after several years, returned to academia, first in Japan, then Germany, and finally to Harvard. His views are presented in the several books that he wrote. Business Cycles defines the economy as characterized by three different business cycles of different time periods and all three were at a low during the Great Depression of the 1930s. In Capitalism, Socialism and Democracy, Schumpeter describes plausible capitalism, where there is a distinction between economic success and sociological success. What changes is the attitude or mentality of the capitalist and this results in the end to capitalism. It then leads to Schumpeter's kind of socialism, which he sees as a kind of managerial economy that the bourgeoisie will acquire the skills to run.