Heeding the Prophet

I recently received an email sent to the supporters of Mitch Daniels (R-IN) in which the governor endorses a list of books he’s recently enjoyed. The most interesting selection was Thomas McCraw’s biography of Joseph Schumpeter, Prophet of Innovation.
I have not read it, but I’ve read enough reviews to know that it is an important work. Here is one from Tyler Cowen, who calls the work “magisterial” and “one of the two or three best biographies of an economist ever written.” Here is one from Reason Magazine that puts Schumpeter into context. According to this interview with McCraw, the author saves Schumpeter, with his voluminous and dense writings, from obscurity.
Among Schumpeter’s lasting contributions were stressing the importance of the entrepreneur in the economy, the long time horizons over which capitalism operates, and — most importantly — this idea of “creative destruction.” How refreshing to see a politician paying attention to these things, especially during a time when the public seems so gloomy about the economy.
Previously:

“One Cheer for Mitch”