Joseph Schumpeter, Austrian-American economist, passed away on June 21st, 1950 at the age of 67. Schumpeter was born in Vienna, Austria in 1883, where he attended the University of Vienna. After receiving his doctorate in 1906, Schumpeter taught political economy, social philosophy, and economics at the University of Czernowiz and the German University of Prague. In 1925, after spending time in the United States, Schumpeter emigrated to the United States. He went on to teach at Harvard University, where he held a chair at the Graduate School of Business Administration and became the first professor in the United States to teach solely economics. Schumpeter's major contribution to economics was his theory of creative destruction, which holds that a period of growth, prosperity, and rising demand followed by a period of recession or decline is the natural cycle of capitalism. He was also the author of several books, including The Theory of Economic Development (1912) and Capitalism, Socialism and Democracy (1942). Schumpeter was awarded the Légion d'honneur in 1952 and was posthumously inducted into the Hall of Fame of the International Academy of Entrepreneurs in 2011 for his contributions to the fields of economics and business. He will be remembered for his numerous contributions to the academic community and his theorization of economic development.