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 process is a process of incessant self-destruction.
The entrepreneur is the man who creates new demand.
The capitalist system is a system of constant change.
The capitalist process is a process of incessant economic evolution.
The entrepreneur is the man who introduces new combinations of productive means.
The capitalist system is a system of continuous progress.
The capitalist process is a process of incessant economic development.
The entrepreneur is the man who leads the way.
The capitalist system is a system of constant innovation and change.
The capitalist process is a process of incessant economic revolution from within.
Capitalism is by nature a form or method of economic change and not only never is, but never can be, stationary.
The process of Creative Destruction is the essential fact about capitalism.
Entrepreneurship is the driving force behind all economic progress.
The capitalist process not only destroys its own institutional framework but also creates the conditions for its own supersession.
Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service.
Can capitalism survive? No. Do I think it can be indefinitely postponed? No.
The stock exchange is a poor substitute for the Holy Grail.
Economic progress, in capitalist society, means turmoil.
The intellectual's struggle for significance is a perpetual one.
Socialism is the heir to capitalism.
Contemporaries of Joseph Schumpeter
Other Economicss born within 50 years of Joseph Schumpeter (1883–1950).