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Joseph A. Schumpeter

Joseph A. Schumpeter Books

Economist

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“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.”

MatterMomentsFactsOpportunityEconomyMethodStructureProductionsEnterpriseSteadyCapitalistCommodityExpandingMatter Of FactIncessantlyIntrusionStationaryCapitalist Economy
Book:Capitalism, Socialism and Democracy
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“The very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.”

PeoplePoliticsNationsMoralEconomyTypeFoundationPropertyDisappearMeaningfulLiberalismHorizonConcretePrivate PropertyMost MeaningfulContracting
Book:Capitalism, Socialism and Democracy
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“There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.”

MayDoeFormPoliticsResultsExistenceEconomyCreationDevelopmentLogicMethodAvailableLiberalismStrictObtainingPurchasingPurchasing Power
Author:Joseph A. Schumpeter
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“Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.”

PoliticsLevelsCasesEconomySuccessfulConditionsProductsCreditAccessCombinationLiberalismProductiveFulfilledCompletionDividends
Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
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“The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.”

TodayPoliticsEconomyDemandFlowExcellenceProducersSavingAgentsLiberalismFundCapitalistReservesReplacedCommoditySavingsBankersPurchasingPurchasing PowerMiddlemen
Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
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“The state has been living on a revenue which was being produced in the private sphere for private purposes and had to be deflected from these purposes by political force. The theory that construes taxes on the analogy of club dues or of the purchase of the services of, say, a doctor only proves how far removed this part of the social sciences is from scientific habits of mind.”

MindHas BeensStatesPoliticalPurposeForceSocialTheoryHabitProveTaxesDoctorsClubsDuesSpheresRevenueLiving OnAnalogiesSocial ScienceHabits Of Mind
Author:Joseph A. Schumpeter
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“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.”

WayMayMovingCertainChoicesIndividualWishSocialSituationGroupsEconomicPossibilityListsBehaveDestroyingMentalityMomentumFreedom Of Choice
Author:Joseph A. Schumpeter
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“It is however always important to remember that the ability to see things in their correct perspective may be, and often is, divorced from the ability to reason correctly and vice versa. That is why a man may be a very good theorist and yet talk absolute nonsense.”

MenMayImportantReasonRememberAbilityPerspectiveEconomicsAbsolutesVery GoodVicesNonsenseDivorcedVice VersaOften IsTheoristsAbility To See
Book:Capitalism, Socialism and Democracy
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“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.”

WayPossibilityMaterialsProductsSourceIndustryFunctionEntrepreneurPatternsProductionsInventionOpeningReformNew WaysCommodityTechnologicalOutletsOpening UpNew Possibilities
Book:Capitalism, Socialism and Democracy
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“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.”

WayGivingDoneMomentsFactsPrinciplesSeeingDependsProveEssentialsCapacityAccountsIntuitionBeing TrueGrasping
Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
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“In one important sense, Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.”

FirstsImportantEndsActionEvilPlansMankindEventsJudgingStandardsUltimateAbsolutesSalvationGuidesBelieverSavedChosenMeaning Of LifeSectionsMarxismIndicationPlan Of Salvation
Author:Joseph A. Schumpeter
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