Essential Schumpeter: The Nature of Competition
One of Joseph Schumpeter's greatest insights as an economist was that competition of a given market shouldn't be defined by how many firms are competing with each other at any given time, or what their market share is, but rather how easy is it for other firms to enter that market and displace the current players. Watch this video to learn more.
About Joseph Schumpeter
Joseph Alois Schumpeter (German: [ˈʃʊmpeːtɐ]; February 8, 1883 – January 8, 1950) was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner So...
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