ABSTRACT
General Schumpeter reviewed the troops—a company of younger men from all nations. The fundamental fact about economics for Schumpeter was that it is a science, an exact and even numerical science. His reputation in the subject competes with his stature in economic theory, economic history, methodology, sociology, and as a prophet of capitalism. Facts and logic are the basis of economic theory. Theory is a collection of tools and techniques with which to analyze economic relations, circumstances, events, problems, and policies. Traditional scholarship usually attributes relatively modest scientific merit and progress to preclassical economic thought. Schumpeter asserted that economists whose work deals with facts, history, events, conditions, and policies deserve scant attention in a history of science, although they may loom large in other contexts. Schumpeter's reasoning forces the conclusion that all economic theory may eventually be found inadequate or unsuitable.
