Editing Economist:Joseph Schumpeter (section)

== Notable Quotes ==

=== On Creative Destruction in AI Era ===
"The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers' goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates."<ref name="ref_1942_p83_1">Joseph Schumpeter, ''Capitalism, Socialism and Democracy'' (1942), p. 83, Harper & Brothers</ref>
"This process of Creative Destruction is the essential fact about capitalism."<ref name="ref_1942_p83_1">Joseph Schumpeter, ''Capitalism, Socialism and Democracy'' (1942), p. 83, Harper & Brothers</ref>
=== On Innovation Cycles and Market Bubbles ===
"The problem that is usually being visualized is how capitalism administers existing structures, whereas the relevant problem is how it creates and destroys them."<ref name="ref_1942_p84_1">Joseph Schumpeter, ''Capitalism, Socialism and Democracy'' (1942), p. 84, Harper & Brothers</ref>
=== On Creative Destruction in AI Era ===
"Capitalism, then, is by nature a form or method of economic change and not only never is but never can be stationary."<ref name="ref_1942_p82_1">Joseph Schumpeter, ''Capitalism, Socialism and Democracy'' (1942), p. 82, Harper & Brothers</ref>
=== On Innovation Cycles and Market Bubbles ===
"The entrepreneur is the revolutionary of the economy."<ref name="ref_1934_p93_1">Joseph Schumpeter, ''The Theory of Economic Development'' (1934), p. 93, Harvard University Press</ref>
=== On Labor Market Disruption from Automation ===
"Economic progress, in capitalist society, means turmoil."<ref name="ref_1942_p32_1">Joseph Schumpeter, ''Capitalism, Socialism and Democracy'' (1942), p. 32, Harper & Brothers</ref>