Quote

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.

Joseph A. Schumpeter

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Joseph A. Schumpeter
Age: 67 †
Born: 1883
Born: February 8
Died: 1950
Died: June 21
Anthropologist
Book Collector
Economist
Jurist
Political Scientist
Professor
Mexico City
Mexico
Josef Aloys Schumpeter
Joseph Alois Schumpeter
Process
Situations
May
Firm
Able
Weather
Usefully
Live
Storm
Vigorously
Many
Destruction
Firms
Would
Particular
Perish
Situation
Emerge
Creative
Nevertheless

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We always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.
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Capitalism stands its trial before judges who have the sentence of death in their pockets. They are going to pass it, whatever the defense they may hear the only success victorious defense can possibly produce is a change in the indictment.
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The capitalist achievement does not typically consist in providing more silk stocking for queens but in bringing them within the reach of factory girls in return for a steadily decreasing amount of effort.
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Economic progress, in capitalist society, means turmoil.
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Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.
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To realize the relative validity of one's convictions and yet stand for them unflinchingly is what distinguishes a civilized man from a barbarian.
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The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.
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Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?
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Lack of outlets, excess capacity, complete deadlock, in the end regular recurrence of national bankruptcies and other disasters-perhaps world wars from sheer capitalist despair-may confidently be anticipated. History is as simple a that.
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To the believer Marxism presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions.
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The success of everything depends on intuition, the capacity of seeing things in a way which afterwards proves to be true, even though it cannot be established at the moment, and of grasping the essential fact, discarding the unessential, even though one can give no account of the principles by which this is done.
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We always plan too much and always think too little.
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All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.
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Creative Destruction is the essential fact about capitalism.
Joseph A. Schumpeter
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There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.
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For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people.
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The trouble with Russia is not that she is socialist but that she is Russia.
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Pessimistic visions about almost anything always strike the public as more erudite than optimistic ones
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The very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.
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The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.
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