Why am I passionate about this?
As an entrepreneur and a professional business valuation specialist, I have a passion for understanding entrepreneurship and its often-transformational impact on society/civilization. Having worked with many business owners and inventors over the years, I've noticed that money is not always the primary motivating factor for entrepreneurs. In many instances, the benefits their products and services are intended to provide—and, in some instances, the wider social implications of those benefits—are what animates these business adventurers the most. So, these days when the work of NewSpace entrepreneurs like Musk, Bezos, and Branson are likely leading humankind to a multiplanetary future, it's an opportune time to explore the impact of entrepreneurship on society.
Joe's book list on the impact of entrepreneurship on society
Why did Joe love this book?
More so than almost any other economist of his stature, Joseph Schumpeter appreciated the central importance of entrepreneurship to any proper understanding of economics. After all, Schumpeter was the academic who popularized (but did not actually coin) the term “creative destruction,” now synonymous with the disruptive but ultimately beneficial process of innovative entrepreneurship.
In Business Cycles, among other topics, the Austrian-born economist explains how the entrepreneur, defined as an “individual who carries out innovations,” interacts with the capitalist, defined as “the one who bears the [financial] risk.” Their collaborative work lies at the core of what Schumpeter describes as economic “evolution,” impacting the business cycle and the lives of everyone in a capitalist society. First published in 1939, Schumpeter’s observations still resonate over 80 years later.
1 author picked Business Cycles as one of their favorite books, and they share why you should read it.
2017 Reprint of 1939 First Edition. Volume One Only. Volume Two published separately by Martino Fine Books ISBN 978-1-68422-065-6. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Schumpeter is without doubt one of the most influential economists of the 20th century. “Business Cycles” [1939] is considered his great work. We reprint the first edition published in 1939 in two volumes. In "Business Cycles" Schumpeter focuses powerfully on the historical role of technological innovation in accounting for the high degree of instability in capitalists societies. He aims to analyze empirically the actual process of economic development using…