Joseph A. Schumpeter Quotes

Quotes about:

• At the heart of capitalism is creative destruction.

  Joseph A. Schumpeter

  Heart, Creative, Destruction

  159 Copy quote

• Profit is the payment you get when you take advantage of change.

  Joseph A. Schumpeter

  Advantage, Profit, Payment

  105 Copy quote

• Innovation is the market introduction of a technical or organisational novelty, not just its invention.

  Joseph A. Schumpeter

  Innovation, Novelty, Invention

  192 Copy quote

• The function of entrepreneurs 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.

  Joseph A. Schumpeter

  Opening Up, Entrepreneur, Reform

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.132, Routledge

  190 Copy quote

• Success depends on intuition, on seeing what afterwards proves true but cannot be established at the moment.

  Joseph A. Schumpeter

  Intuition, Moments, Prove

  147 Copy quote

• As a matter of fact, capitalist economy is not and cannot be stationary. Nor is it merely expanding in a steady manner. It is incessantly being revolutionized from within by new enterprise, i.e., by the intrusion of new commodities or new methods of production or new commercial opportunities into the industrial structure as it exists at any moment.

  Joseph A. Schumpeter

  Opportunity, Capitalist Economy, Matter

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.31, Routledge

  124 Copy quote

• Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.

  Joseph A. Schumpeter

  Politician, Saddles, Bother

  89 Copy quote

• The typical citizen drops down to a lower level of mental performance as soon as he enters the political field. He argues and analyzes in a way which he would readily recognize as infantile within the sphere of his real interests. He becomes primitive again.

  Joseph A. Schumpeter

  Real, Political, Typical

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.262, Routledge

  175 Copy quote

• To realize the relative validity of one's convictions and yet stand for them unflinchingly is what distinguishes a civilized man from a barbarian.

  Joseph A. Schumpeter

  Men, Barbarians, Realizing

  "Capitalism, Socialism and Democracy". Book by Joseph Schumpeter, Part IV, Chapter XX, Section III, 1942.

  7 Copy quote

• Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm.

  Joseph A. Schumpeter

  Weather, Creative, Storm

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.90, Routledge

  155 Copy quote

• Innovations are changes which cannot be decomposed into infinitessimal steps.

  Joseph A. Schumpeter

  Innovation, Steps

  120 Copy quote

• Nothing is so treacherous as the obvious.

  Joseph A. Schumpeter

  Obvious, Treacherous

  Joseph A. Schumpeter (2010). “Capitalism, Socialism and Democracy”, p.272, Routledge

  15 Copy quote

• We always plan too much and always think too little.

  Joseph A. Schumpeter

  Business, Thinking, Littles

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.466, Routledge

  82 Copy quote

• Economic progress, in capitalist society, means turmoil.

  Joseph A. Schumpeter

  Mean, Progress, Economics

  Joseph A. Schumpeter (2003). “Ten Great Economists”, p.77, Routledge

  26 Copy quote

• The capitalist engine is first and last an engine of mass production which unavoidably also means production for the masses. . . . It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elizabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within reach of factory girls.

  Joseph A. Schumpeter

  Girl, Queens, Mean

  121 Copy quote

• Creative Destruction is the essential fact about capitalism.

  Joseph A. Schumpeter

  Creative, Essentials, Facts

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.83, Routledge

  63 Copy quote

• The success of everything depends on intuition, the capacity of seeing things in a way which afterwards proves to be true, even though it cannot be established at the moment, and of grasping the essential fact, discarding the unessential, even though one can give no account of the principles by which this is done.

  Joseph A. Schumpeter

  Giving, Intuition, Principles

  Joseph A. Schumpeter (2011). “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle”, p.85, Transaction Publishers

  57 Copy quote

• I set out to become the greatest lover in Vienna, the greatest horseman in Austria, and the greatest economist in the world. Alas, for the illusions of youth: as a horseman, I was never really first-rate.

  Joseph A. Schumpeter

  Vienna, Austria, World

  107 Copy quote

• There exists no more democratic institution than the market

  Joseph A. Schumpeter

  Institutions, Democratic

  15 Copy quote

• 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 A. Schumpeter

  Organization, Innovation, Analysis

  Joseph A. Schumpeter (2011). “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle”, p.19, Transaction Publishers

  99 Copy quote

• The first thing a man will do for his ideals is lie.

  Joseph A. Schumpeter

  Lying, Men, Firsts

  Joseph A. Schumpeter (2006). “History of Economic Analysis”, p.43, Routledge

  11 Copy quote

• We always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.

  Joseph A. Schumpeter

  Hate, Believe, Thinking

  88 Copy quote

• The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process

  Joseph A. Schumpeter

  Essentials, Creative Destruction, Economics

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.82, Routledge

  56 Copy quote

• The ballot is stronger than bullets.

  Joseph A. Schumpeter

  Stronger, Bullets, Ballots

  91 Copy quote

• I know that it is not enough to be remembered for books and theories. One does not make a difference unless it is a difference in people's lives.

  Joseph A. Schumpeter

  Book, Differences, People

  11 Copy quote

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