This book provides a comprehensive exploration of Joseph A. Schumpeter's research and theories, and in particular his theory of economic and social evolution as the real core of his work and academic life. Andersen demonstrates that the concept of innovative entrepreneurship is part of an evolutionary research programme, covering not only Schumpeter's account for economic growth and evolution but also his studies of the routinised economy, business cycles, socio-economic evolution, and the history of capitalism. The book thereby resolves apparent paradoxes and clarifies Schumpeter's challenge to modern economists and social scientists.