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."

—Joseph Schumpeter, Capitalism, Socialism and Democracy (1942), p. 83, Harper & Brothers

On Creative Destruction in AI Era

"This process of Creative Destruction is the essential fact about capitalism."

—Joseph Schumpeter, Capitalism, Socialism and Democracy (1942), p. 83, Harper & Brothers

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."

—Joseph Schumpeter, Capitalism, Socialism and Democracy (1942), p. 84, Harper & Brothers

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."

—Joseph Schumpeter, Capitalism, Socialism and Democracy (1942), p. 82, Harper & Brothers

On Innovation Cycles and Market Bubbles

"The entrepreneur is the revolutionary of the economy."

—Joseph Schumpeter, The Theory of Economic Development (1934), p. 93, Harvard University Press

On Labor Market Disruption from Automation

"Economic progress, in capitalist society, means turmoil."

—Joseph Schumpeter, Capitalism, Socialism and Democracy (1942), p. 32, Harper & Brothers