Joseph Schumpeter is one of the most famous economists who contributed much to the development of economics during his lifetime. The greatest contribution to economic analysis was given in the works of the history of economics and economic thought. Schumpeter, in his work Capitalism, Socialism and Democracy, commented developments of events in England. Joseph Alois Schumpeter points out three fundamental reasons for the importance of studying the history of economic analysis. The first is the fact that contemporary achievements in economic theories always contain traces of the scientific pastures of the past. Schumpeter's emphasis on entrepreneurs as an active factor in changes in the competitive economy creates a bridge between the microeconomics of companies and macroeconomics of state policy. Schumpeter has also been touched by market processes that have a large share in economics and development and his view on this provides strong reasons for a clear description of the relationship between "static" and "dynamic" competition. Regarding the modern methodology of economics, Schumpeter and his book "Theories of Economic Development" significantly influenced many of the later historians of economics. Schumpeter's influence on the theory of economic development was successful, even among those economists who completely reject his theory. And among economists, especially to those who lack knowledge of history, the term 'entrepreneur' grown together with the name of Schumpeter.