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Any existing structures and all the conditions of doing business are always in a process of change. Every situation is being upset before it has had time to work itself out.

Schumpeter, in Capitalism, Socialism and Democracy (1942, p. 31-32), obviously plagiarizing one of the early chapters of the Communist Manifesto, in which I believe the phrase was about relations that become “antiquated before they can ossify.”

1 year ago | 9 notes | Reblog |
marx, marxism, schumpeter, creative destruction, capitalism, socialism, democracy,

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. Any existing structures and all the conditions of doing business are always in a process of change. Every situation is being upset before it has had time to work itself out. Economic progress, in capitalist society, means turmoil.

Schumpeter, in Capitalism, Socialism and Democracy (1942, p. 31-32, emphasis included).

If I understand correctly, a good way to become a hugely influential economist is to plagiarize Marx while you repudiate Marx.

1 year ago | 17 notes | Reblog |
schumpeter, capitalism, socialism, democracy, marx, marxism, creative destruction,