Sharon Reier: From Vienna to Harvard, A Life of Ups and Downs: "Schumpeter... establishment of the Austrian Republic... appointed finance minister.... A tangle with Austria's foreign minister deprived him of support for taming... inflation.... His battle over the nationalization of a prominent company was the pretext for an enemy faction to force him out of office in 1919. Schumpeter's next move, in 1921, was to help found and run the Biedermann Bank.... The bank collapsed in 1924 as Austrian inflation destroyed the value of the currency and therefore the value of the bank's loans and investments.... It took many years to pay off his creditors. If his political and business life were turbulent, so were his private affairs. In 1912, Schumpeter fell in love with Annie Riesinger, the 12-year-old daughter of a building porter. He offered to pay for her education until she was old enough to marry him, and his proposition was accepted. In 1926, a year after she had become the second of his three wives, Annie died in childbirth at the age of 26, along with the couple's infant son. In "The Life and Work of Joseph Schumpeter," Schumpeter's biographer, Robert Loring Allen, suggested that this personal tragedy triggered manic-depressive episodes. In 1937, he was married for the third time, to Elizabeth Boody, a fellow Harvard economist...
Wikipedia: Joseph Schumpeter: "He was married three times. His first wife was Gladys Ricarde Seaver, an Englishwoman nearly 12 years his senior (married 1907, separated 1913, divorced 1925).... His second was Anna Reisinger, 20 years his junior and daughter of the concierge of the apartment where he grew up. As a divorced man, he and his bride converted to Lutheranism in order to marry. They married in 1925, but within a year, she died in childbirth. The loss of his wife and newborn son came only weeks after Schumpeter's mother had died. In 1937, Schumpeter married the American economic historian Elizabeth Boody...
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