As one of the most innovative national economists of the last century, Joseph A. Schumpeter links the personal element in economic life with economic development processes in his innovation approach. In his view, true entrepreneurship disrupts the pursuit of equilibrium in the market by recombining means of production in an economy. This is accompanied by “creative destruction,” which secures a monopoly profit for the true entrepreneur. Schumpeter’s understanding of innovation is not reduced to technical innovation. He sees capitalist enterprise and the dynamics of economic life as embedded in society as a whole. Schumpeter also recognizes that in industrialization, innovation becomes commonplace, at least in large enterprises, and that true entrepreneurship is replaced by management. Subsequently, scholars of evolutionary economics developed the concept further, albeit with critical intentions. Thus, Schumpeter’s methodological individualism gives way to the idea of a national system of innovation in which different groups of actors are involved. Especially his broad understanding of innovation, which can also be applied to the knowledge-intensive information society, justifies Schumpeter’s current relevance.