Robert Loring Allen first became familiar with Schumpeter while a graduate student at Harvard University in 1947. In preparation for this work, the author visited Schumpeter's birthplace, and the various European institutions at which he taught. The work was supported in part by grants from the National Endowment for the Humanities, and other University sources. Dr. Allen taught at the University of Virginia (1951-1956), the University of Oregon (1956-1968), and the University of Missouri, St. Louis (1968-1987). He is now living in retirement in New Hampshire.