“The paper compares the approaches of Musgrave and Schumpeter. First, their biographical and intellectual backgrounds are addressed.Then, the approach of shared intellectual frameworks is applied to Musgrave’s and Schumpeter’s contributions using Mark Perlman’s dichotomies. Musgrave was an admirer of Schumpeter, but the analysis of their approaches using Perlman’s dichotomous approach and the inclusion of Musgrave’s articles on Schumpeter and the fiscal state also highlight their intellectual differences, although both were deeply rooted in the European tradition. They had a comprehensive understanding of the social sciences, incorporating social economics and embedding the economy in the institutional-legal nexus, although Schumpeter had more of an individualist orientation.” (H. Peukert)