Joseph A. Schumpeter was one of the greatest economists of the 20th century. He emphasized that an economist is not properly qualified unless he is at once a thorough theorist, a skillful statistician, and, above all, a historian. Schumpeter possessed an encyclopedic knowledge of the history of economic thought. In Korea, Kim Jun-bo was an eminent economist comparable to Schumpeter. Although his primary field was agricultural economics, he also had a profound command of statistics, economic theory, and economic history. Most importantly, he was the first top-rank economist to recognize and systematically explain how economic theory could be transformed into historical analysis. The conception, method, and approach to economic science in both Schumpeter and Kim Jun-bo owed much to Karl Marx.