who propounded entrepreneurship as a theory of business
Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis -- the theory of business cycles and development. Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic Development with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state. The stationary state is, according to Schumpeter, described by Walrasian equilibrium. The hero of his story is the entrepreneur.