Hungarian Economist Quotes

If somebody prefers an income distribution more favorable to the poor for the sole reason that he is poor himself, this can hardly be considered as a genuine value judgment on social welfare.

Schumpeter's work, his dynamic view of the entrepreneur and creative destruction has had a great impact on me. He indeed wrote a book, Capitalism, Socialism and Democracy, which intended to give a complex analysis of the two systems. But these two books, and a few others (e. g., some of Mises's and Hayek's works) are rather exceptional. A typical American textbook on economic systems is not written with the same ambition about capitalism with which I wrote about socialism. It doesn't give you a general model of capitalism, including the characterization of the political, ideological, and social spheres.