“Only a few people have these qualities of leadership and only a few in such a situation, that is a situation which is not itself already a boom, can succeed in this direction. However, if one or a few have advanced with success many of the difficulties disappear. Others can then follow these pioneers, as they will clearly do under the stimulus of the success now attainable. Their success again makes it easier, through the increasingly complete removal of the obstacles analysed in the second chapter, for more people to follow suit, until finally the innovation becomes familiar and the acceptance of it a matter of free choice.”

— Joseph Alois Schumpeter , The Theory of Economic Development

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

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Joseph Alois Schumpeter 13

Austrian economist 1883–1950

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