Joseph A. Schumpeter
Joseph A. Schumpeter
Joseph Alois Schumpeter was an Austrian-born American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a Professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics...
NationalityAmerican
ProfessionEconomist
Date of Birth8 February 1883
CountryUnited States of America
Joseph A. Schumpeter quotes about
innovation novelty invention
Innovation is the market introduction of a technical or organisational novelty, not just its invention.
opening-up entrepreneur patterns
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
stronger bullets ballots
The ballot is stronger than bullets.
weather creative storm
Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm.
innovation steps
Innovations are changes which cannot be decomposed into infinitessimal steps.
social-unrest civilization logic
Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
expression entrepreneur profit
Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.
politician saddles bother
Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.
common-sense innovation problem
Surely, nothing can be more plain or even more trite common sense than the proposition that innovation [...] is at the center of practically all the phenomena, difficulties, and problems of economic life in capitalist society.
intellectual investing climate
The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.
austria world firsts
I set out to become the greatest lover in Vienna, the greatest horseman in Austria, and the greatest economist in the world. Alas, for the illusions of youth: as a horseman, I was never really first-rate.
intuition moments prove
Success depends on intuition, on seeing what afterwards proves true but cannot be established at the moment.
organization innovation analysis
The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
evil judging important
In one important sense, Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.