Bill Waters on Schumpeter

Bill Waters’ dissertation “Entrepreneurship, Dualism, and Causality: An Appreciation of the Work of Joseph A. Schumpeter” completed at Georgetown University in 1952 is significant for two reasons. The first is clear enough from the very beginning: Schumpeter and the entrepreneur. The other comes to light through hindsight: Bill brings to bear an understanding of economic affairs which is personalist rather than individualist or collectivist in nature. In short, Bill sees as the main activating force in economic affairs not the impersonal forces of the market, not the central planning board, but the person who innovates, who acts bolding in economic affairs, the banker who creates credit, and the capitalist who supplies old funds. Thus the Waters’ dissertation says much not only about Schumpeter but also about Bill himself. His dissertation is his only book-length publication.