Joseph Schumpeter was an Austrian economist and political scientist, best known for his theories on economic development and entrepreneurship. He introduced the concept of creative destruction, which describes how innovation leads to the demise of older industries and the birth of new ones. Schumpeter believed that entrepreneurs play a crucial role in driving economic progress through their willingness to take risks and innovate. Born in 1883, Schumpeter served as a professor at various universities and held political positions in Austria. His influential works, including "The Theory of Economic Development," have shaped modern economic thought. Schumpeter's ideas continue to be relevant in discussions about capitalism and the dynamics of economic change.