“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.”
Quote by Joseph A. Schumpeter
Work
Capitalism, Socialism and Democracy
A seminal work that explores the historical development and comparative analysis of capitalism, socialism, and democracy, offering insights into their economic and political implications. more
Author
Joseph A. Schumpeter
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. more
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