Joseph Schumpeter
Creative destruction, entrepreneurship theory
Most quoted
"In capitalist reality as distinct from its textbook picture, it is not that kind of competition which counts but the competition from the new commodity, the new technology, the new source of supply, the new type of organization which commands a decisive cost or quality advantage and which strikes not at the margins of the profits and the outputs of the existing firms but at their foundations and their very lives."
— from Capitalism, Socialism and Democracy, 1942
"The function of the entrepreneur is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on."
— from The Theory of Economic Development, 1934
"The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
— from Capitalism, Socialism and Democracy, 1942
All quotes by Joseph Schumpeter (318)
The capitalist system is a system of incessant change, and it is this change that makes it so dynamic.
The economic process is a process of incessant destruction of the old and creation of the new.
The entrepreneur is the man who breaks up the old and creates the new.
The capitalist system is a system of incessant revolutionizing of the economic structure from within.
The entrepreneur is the man who carries out new combinations, and it is this that constitutes the essence of entrepreneurship.
The capitalist system is a system of incessant destruction of the old and creation of the new.
The problem is not how to get rid of the old, but how to make room for the new.
Creative destruction is the essential fact about capitalism. It is what capitalism is and what every capitalist concern has to live in.
Innovation is the outstanding fact in the economic history of capitalist society and also in the history of the individual capitalist firm.
To produce means to combine materials and forces within our reach. To produce something else, or to produce the same thing by a different method, means to combine these materials and forces differently.
The history of capitalism is a history of creative destruction.
The process of creative destruction is the most important fact about capitalism.
The capitalist engine is first and last an engine of creative destruction.
The capitalist process, by its very nature, incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.
The problem that we are facing is not how to get rid of the old, but how to make room for the new.
The capitalist system is not only a method of producing goods and services, but also a method of creating new wants and new needs.
The capitalist process is a process of evolution.
The capitalist system is a system of constant change and innovation.
The capitalist system is a system of progress and improvement.
The capitalist process is a process of incessant creation and destruction.
Contemporaries of Joseph Schumpeter
Other Economicss born within 50 years of Joseph Schumpeter (1883–1950).