Joseph Schumpeter can be regarded as one of the most creative and influential economists of the 20th century. This influence has increased significantly since his death in 1950. Schumpeter addressed the central question of how some societies have managed to achieve substantial improvements in material wellbeing. His answer to wellbeing, with its emphasis on conditions favouring innovation, has become more persuasive charting world history from 1945. Nathan Rosenberg argues that today Schumpeter speaks to the economics profession in an authoritative way for another reason.