Thomas K. McCraw

How Alexander Hamilton and a Swiss anti-Federalist created our country's capitalist system.

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Heavy Thinker

Prophet of Innovation: Joseph Schumpeter and Creative DestructionBy Thomas K. McCraw (Harvard University Press, 719 pp., $35) I KNEW Joseph Schumpeter only in the last five years of his life, from 1945 until his death in 1950, at the age of sixty-six. To say that I knew him is actually a bit of an exaggeration. First as a returning undergraduate and then as a doctoral student in economics at Harvard, I attended his courses on advanced economic theory andthe history of economic thought. The theory lectures bordered onincoherent; they alluded to everything but analyzed nothing.

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