Joseph Alois Schumpeter Quotes (13 quotes)

Works

The Theory of Economic Development

Joseph Alois Schumpeter

Capitalism, Socialism and Democracy

Joseph Alois Schumpeter

Joseph Alois Schumpeter: 13 quotes 4 likes

Famous Joseph Alois Schumpeter Quotes

“The first thing a man will do for his ideal is lie”

Joseph Alois Schumpeter

Source: History of Economic Analysis, p. 43

“When we inquire about the general forms of economic phenomena, about their uniformities, or about a key to understanding them, we ipso facto indicate that we wish at that moment to consider them as something to be investigated, to be sought for, as the “unknown”; and that we wish to trace them to the relatively “known,” just as any science deals with its object of inquiry.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 1 : The Circular Flow of Economic Life as Conditioned by Given Circumstances

“Geniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.”

Joseph Alois Schumpeter book Capitalism, Socialism and Democracy

Source: Capitalism, Socialism and Democracy

“Since as we have seen the entrepreneurial qualification is something which, like many other qualities, is distributed in an ethnically homogeneous group according to the law of error, the number of individuals who satisfy progressively diminishing standards in this respect continually increases. Hence, neglecting exceptional cases — of which the existence of a few Europeans in a negro population would be an example — with the progressive lightening of the task continually more people can and will become entrepreneurs, wherefore the successful appearance of an entrepreneur is followed by the appearance not simply of some others, but of ever greater numbers, though progressively less qualified.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 6 : The Business Cycle

“The swarm-like appearance of new combinations easily and necessarily explains the fundamental features of periods of boom.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 6 : The Business Cycle

“In all cases, not only in the two which we have analyzed, recovery came of itself. There is certainly this much of truth in the talk about the recuperative powers of our industrial system. But this is not all: our analysis leads us to believe that recovery is sound only if it does come of itself. For any revival which is merely due to artificial stimulus leaves part of the work of depressions undone and adds, to an undigested remnant of maladjustment, new maladjustment of its own which has to be liquidated in turn, thus threatening business with another crisis ahead. Particularly, our story provides a presumption against remedial measures which work through money and credit. For the trouble is fundamentally not with money and credit, and policies of this class are particularly apt to keep up, and add to, maladjustment, and to produce additional trouble in the future.”

Joseph Alois Schumpeter

"Depressions: Can we learn from past experience?" in Schumpeter, Joseph A.; Chamberlin, Edward; Leontief, Wassily W.; Brown, Douglass V.; Harris, Seymour E.; Mason, Edward S.; Taylor, Overton H., The economics of the recovery program (1934)