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Joseph A. Schumpeter Quotes

Economist

Joseph A. Schumpeter was a renowned economist known for his research on innovation and entrepreneurship. His theories have had a profound impact on modern economics.

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All Capitalism Capitalist May Economic Doe Facts Process Creative Destruction Economics Economy Firsts Innovation Productions Social Business Creative Destruction Ends Liberalism Marxism

Famous Joseph A. Schumpeter Quotes

“Surely, nothing can be more plain or even more trite common sense than the proposition that innovation [...] is at the center of practically all the phenomena, difficulties, and problems of economic life in capitalist society.”

Problem Common Economic Difficulty Innovation Common Sense Capitalist Propositions

Author:Joseph A. Schumpeter

“Innovations are changes which cannot be decomposed into infinitessimal steps.”

Steps Innovation

Author:Joseph A. Schumpeter

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

Innovation Invention Introduction Novelty

Author:Joseph A. Schumpeter

“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.”

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

“All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.”

Two Community Business Cases Conditions Particular Depends Habit Innovation Financial Cycles Phases Units Duration Prevailing

Author:Joseph A. Schumpeter

About the Author

Born: February 8, 1883
Died: January 8, 1950
Known for: Economist
Quotes: 72

Books & Sources

Capitalism, Socialism and DemocracyRelated source material

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

Ten Great EconomistsRelated source material

History of Economic AnalysisRelated source material

Imperialism and Social Classes: Two EssaysRelated source material

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