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It is quite possible that future generations will look upon arguments about the inferiority of the socialist plan as we look upon Adam Smith's argument about joint stock companies which, also, were simply false.

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
Company
Companies
Joint
Possible
False
Inferiority
Upon
Argument
Joints
Future
Plan
Smith
Also
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Arguments
Look
Generations
Socialist
Looks
Simply
Stock
Quite
Adam

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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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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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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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Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political — legislative and administrative — decisions and hence incapable of being an end in itself.
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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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The spirit of a people, its cultural level, its social structure, the deeds its policy may prepare—all this and more is written in its fiscal history, stripped of all phrases. He who knows how to listen to its message here discerns the thunder of world history more clearly than anywhere else.
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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 intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.
Joseph A. Schumpeter
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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.
Joseph A. Schumpeter
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Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
Joseph A. Schumpeter
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The trouble with Russia is not that she is socialist but that she is Russia.
Joseph A. Schumpeter
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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.
Joseph A. Schumpeter
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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.
Joseph A. Schumpeter
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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.
Joseph A. Schumpeter
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Creative Destruction is the essential fact about capitalism.
Joseph A. Schumpeter
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The evolution of the capitalist style of life could be easily - and perhaps most tellingly - described in terms of the genesis of the modern Lounge Suit.
Joseph A. Schumpeter
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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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The typical citizen drops down to a lower level of mental performance as soon as he enters the political field. He argues and analyzes in a way which he would readily recognize as infantile within the sphere of his real interests. He becomes primitive again.
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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.
Joseph A. Schumpeter