Economist:Joseph Schumpeter: Difference between revisions
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=== On Creative Destruction in AI Era === | === 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> | |||
=== On Creative Destruction in AI Era === | === On Creative Destruction in AI Era === | ||
"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 === | === 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> | |||
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[[Category:Economist]] | [[Category:Economist]] | ||
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=== On Creative Destruction in AI Era === | === 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 === | === 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 === | === 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> | |||
Revision as of 20:39, 12 August 2025
Joseph Schumpeter
Biography
Austrian political economist (1883-1950), known for theories on business cycles and innovation.
School of Thought
Austrian School / Evolutionary Economics
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."[1]
On Creative Destruction in AI Era
"This process of Creative Destruction is the essential fact about capitalism."[1]
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."[2]
References
Additional Notable Quotes
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."[1]
On Innovation Cycles and Market Bubbles
"The entrepreneur is the revolutionary of the economy."[2]
On Labor Market Disruption from Automation
"Economic progress, in capitalist society, means turmoil."[3]