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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 · 2 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.”

“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.”