ABSTRACT
By 1936, Joseph Schumpeter had definitely turned his back on Europe and begun to build a permanent new life in the United States. The new surroundings, students, and courses, the manifest respect of his colleagues, the stimulation of the young people, and the strong diet of teaching and research had reduced the amplitude of the swings in his temperament, making the periods of depression less severe and shorter. First meeting in 1913 on Schumpeter's initial visit to the United States, they later cooperated in founding the Econometric Society in 1930. When Schumpeter was through, the most obscure eighteenth-century Italian economist seemed important and interesting. He became life-long friends with most of them, many of whom either stayed in the United States or returned to enrich US and European economics immensely. Although negative about the scientific standing of most economists of the day, Schumpeter did recommend Ragnar Frisch strongly. He also thought highly of John Hicks, an English economist.
