One of the best known and most famous economists of the first half of the XX century is Joseph Alois Schumpeter (1883-1950). His theoretical heritage is extremely broad and diverse. His works The Nature and Essence of Economic Theory (1908), and History of Economic Analysis (1954) are devoted to the history and methodology of economic analysis. On the Concept of Social Value (1909) is devoted to the economic dynamics while Capitalism, Socialism and Democracy (1942) tell about the theories of social development.
Joseph Schumpeter often said that in his young years, he had three dreams: to become the best rider, the most desirable gallant, and the most outstanding economist. Although it remains unknown whether his other two dreams have come true, his contribution to economics is enormous. Nowadays, the ideas suggested by Schumpeter have spread far beyond the economic area. Today, many companies (including big corporations) successfully transform into business organizations, in which innovative solutions are approved not only by senior management. The entrepreneurial organization seeks to actualize the innovations with benefits regardless of their source. In addition, Schumpeter in his Theory of Economic Development prognosticates the emergence of entrepreneurial organizations. While Schumpeter adapts his teachings for different models of the economy, considers the introduction of private ownership, and new forms of production, his contribution appears extremely important and useful for the modern development of the economy.