Joseph Schumpeter - Economic Quotes

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Economic progress, in capitalist society, means turmoil.

Joseph Schumpeter
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 Schumpeter
In economic life competition is never completely lacking, but hardly ever is it perfect.

Joseph Schumpeter
The cold metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.

Joseph Schumpeter
It is, after all, only common sense to realize that, but for the fact that economic life is a process of incessant internal change, the business cycle, as we know it, would not exist.

Joseph Schumpeter
The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.

Joseph Schumpeter
Things economic and social move by their own momentum and the ensuing situations compel individuals and groups to behave in certain ways whatever they may wish to do-not indeed by destroying their freedom of choice but by shaping the choosing mentalities and by narrowing the list of possibilities from which to choose.

Joseph Schumpeter