Eleven years after his death, economists (strangely enough, the only ones who seem to care) still ponder the paradoxes of Joseph A. Schumpeter. While the contributions of the late Lord Keynes, not without intriguing paradoxes of their own, are being rapidly assimilated into the “common sense” of statesmen, Schumpeter, the only other truly great economist the twentieth century has produced, exerted no appreciable influence over public policy. Apart from a few misunderstood cliches, such as “creative destruction,” “obsolescence of entrepreneurial function,” and so on, his ideas have generated no “school” among young intellectuals. Indeed, it is doubtful that they ever will, even though Schumpeter is a profound and honest thinker in the tradition of Marx, Weber, and Tawney grappling with one of the crucial problems of our age: the innovating and growth capacities of various social systems under an advanced industrial technology.