compendium of quotations from Joseph Alois Schumpeter (1883-1950), Austrian economist famous for his theories of economic fluctuations, the creative destruction and innovation
"The new is not out of the old, but appears next to the former, it faces competition to ruin him. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" You can become entrepreneurs by becoming a debtor before. Debt belongs to the essence of the business and nothing abnormal. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" The contractor [...] is the revolutionary economy. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" Profit is not an annuity. It is not a capital gain. It is the expression of the value created by the contractor, quite as well as the salary is the expression of the value created by the worker. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" It is a fact that the fundamental mistakes we committed in economic analysis today are more often due a lack of historical experience and any other gap in the training of economists. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" The term of magnitude must surely be applied to the message of Marx. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Capitalism, it is stable economically, and even if he wins again in stability, created by streamlining the human spirit, a mentality and a lifestyle inconsistent with its own basic conditions, with your inner motivations and social institutions necessary for its survival. It will be transformed, not by economic necessity and the same price in all probability a few sacrifices in terms of prosperity and well being in a different entity that can be baptized or not socialism that is felt by the taste and we accept that vocabulary. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Trade restrictions of a cartel and those consisting merely tacit collusion on the price competition may, in cases of depression, provide effective remedies. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" If there are only small businesses, we remain in the zone of constant returns. The economy is likely to remain in steady state [...]. Instead, large companies ... will take the initiative to progress by funding research. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" We have to recognize that the giant company eventually became the engine as powerful of this progress and, in particular, the long-term expansion of total production. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" The fundamental impulse that sets and keeps the capitalist engine in motion is printed by the new consumer goods, new methods of production and transportation, new markets, new types of industrial organization - all elements created by capitalist initiative. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Unity perfectly bureaucratized giant industrial eliminate not only, by expropriating their owners, companies small or medium, but ultimately, it also eliminates the contractor and expropriated the bourgeoisie as a class known to lose, by This process not only income but also what is infinitely worse, its raison d'etre. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" This process of creative destruction is the fundamental fact of capitalism and all companies must, willy-nilly, to adapt. The same blow is thrown overboard the traditional operation of the competition. [...] The price variable ceases to hold its dominant position. For in reality, it is the competition inherent in the appearance of a product, technique, etc.., That counts. That is to say, competition that affects not only the profit margins, but the very existence of existing firms. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Economists [...] think they have been at the bottom of it soon when they interpreted the behavior of firms applying year, based on observed data, the principle of profit maximization. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" The role of the entrepreneur is to reform or revolutionize the routine production by exploiting an invention or, more generally, a possible new technique. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Since Keynes, it is possible to admire Marx while still considering his social vision was false and that each of the concerns is misleading. "
Joseph Schumpeter, History of Economic Analysis, 1954
" Queen Elizabeth owned silk stockings. Completion capitalist does not specifically involved in providing more of these queens there, but putting them within reach of factory workers in exchange for quantities of work constantly decreasing. "
Joseph Schumpeter, History of Economic Analysis, 1954
"The new is not out of the old, but appears next to the former, it faces competition to ruin him. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" You can become entrepreneurs by becoming a debtor before. Debt belongs to the essence of the business and nothing abnormal. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" The contractor [...] is the revolutionary economy. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" Profit is not an annuity. It is not a capital gain. It is the expression of the value created by the contractor, quite as well as the salary is the expression of the value created by the worker. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" It is a fact that the fundamental mistakes we committed in economic analysis today are more often due a lack of historical experience and any other gap in the training of economists. "
Joseph Schumpeter, The Theory of Economic Development, 1911/1926
" The term of magnitude must surely be applied to the message of Marx. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Capitalism, it is stable economically, and even if he wins again in stability, created by streamlining the human spirit, a mentality and a lifestyle inconsistent with its own basic conditions, with your inner motivations and social institutions necessary for its survival. It will be transformed, not by economic necessity and the same price in all probability a few sacrifices in terms of prosperity and well being in a different entity that can be baptized or not socialism that is felt by the taste and we accept that vocabulary. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Trade restrictions of a cartel and those consisting merely tacit collusion on the price competition may, in cases of depression, provide effective remedies. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" If there are only small businesses, we remain in the zone of constant returns. The economy is likely to remain in steady state [...]. Instead, large companies ... will take the initiative to progress by funding research. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" We have to recognize that the giant company eventually became the engine as powerful of this progress and, in particular, the long-term expansion of total production. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" The fundamental impulse that sets and keeps the capitalist engine in motion is printed by the new consumer goods, new methods of production and transportation, new markets, new types of industrial organization - all elements created by capitalist initiative. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Unity perfectly bureaucratized giant industrial eliminate not only, by expropriating their owners, companies small or medium, but ultimately, it also eliminates the contractor and expropriated the bourgeoisie as a class known to lose, by This process not only income but also what is infinitely worse, its raison d'etre. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" This process of creative destruction is the fundamental fact of capitalism and all companies must, willy-nilly, to adapt. The same blow is thrown overboard the traditional operation of the competition. [...] The price variable ceases to hold its dominant position. For in reality, it is the competition inherent in the appearance of a product, technique, etc.., That counts. That is to say, competition that affects not only the profit margins, but the very existence of existing firms. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Economists [...] think they have been at the bottom of it soon when they interpreted the behavior of firms applying year, based on observed data, the principle of profit maximization. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" The role of the entrepreneur is to reform or revolutionize the routine production by exploiting an invention or, more generally, a possible new technique. "
Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942
" Since Keynes, it is possible to admire Marx while still considering his social vision was false and that each of the concerns is misleading. "
Joseph Schumpeter, History of Economic Analysis, 1954
" Queen Elizabeth owned silk stockings. Completion capitalist does not specifically involved in providing more of these queens there, but putting them within reach of factory workers in exchange for quantities of work constantly decreasing. "
Joseph Schumpeter, History of Economic Analysis, 1954
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