Entrepreneurs have two advantages over credentialed experts. They “know” less of what is false, and they (informally) know more of what is true. They know less of what is false because they are either ignorant of, or willing to ignore, the currently dominant theories. They know more of what...

The previous major biographies of Schumpeter are found in the works by Allen (1991) , März (1991) , Stolper (1994) , and Swedberg (1991) . März's biography is a collection of independently written essays, some mainly biographical, and some mainly commenting on aspects of Schumpeter's economic...