"In Austrian history Schumpeter's name will forever be associated with the fact that he was the first finance minister of the young Austrian republic who oversaw an acceleration of inflation into the triple-digit area. Schumpeter resigned from this post after only a few months and later founded his own bank which went belly up in the early 1920's. After retreating into the academic world later on Schumpeter also started to rethink whether his libertarian approach does actually work in a real-life economy."