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Joseph A. Schumpeter

Joseph A. Schumpeter Quotes

Economist

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Famous Joseph A. Schumpeter Quotes

“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 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 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.”

MenFirstsMeanDoeLastsGirlRichAchievementMassCapitalismProductionsImprovementQueensEnginesFactoriesBootsCapitalistProvidingFabricTypicalSilkCottonRich ManStockingsFirsts And LastsWithin ReachQueen ElizabethMass Production
Author:Joseph A. Schumpeter
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