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The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

Book by Joseph A. Schumpeter · 6 quotes · Economy, Liberalism, Politics

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The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle Quotes

“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.”

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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 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.”

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Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
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“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.”

FormProcessEconomicProductsSourceDevelopmentOrganizationInnovationMethodFinancialProductionsDefinedAnalysisSomething NewApplicationStrategicStimulusEconomic DevelopmentNew Products
Book:The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
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