Joseph A. Schumpeter Professions : Economist Born : February 8, 1883 Died : January 8, 1950 Browse All Authors Top 72 quotes by Joseph A. Schumpeter 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. Joseph A. Schumpeter community business two For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people. Joseph A. Schumpeter identity class people Want and effective demand are not the same thing. If they were, the poorest nations would be the ones to display the most vigorous demand. Joseph A. Schumpeter demand would-be want The evolution of the capitalist style of life could be easily - and perhaps most tellingly - described in terms of the genesis of the modern Lounge Suit. Joseph A. Schumpeter suits style evolution Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political — legislative and administrative — decisions and hence incapable of being an end in itself. Joseph A. Schumpeter democracy political decision The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own. Joseph A. Schumpeter temperature phrases pages The perennial gale of creative destruction Joseph A. Schumpeter gale economics creative Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age? Joseph A. Schumpeter ambition age order Our poverty will be brought home to us to its full extent only after the war. Joseph A. Schumpeter home war peace For one thing, to predict the advent of big business was considering the conditions of Marx's day an achievement in itself. Joseph A. Schumpeter advent achievement bigs 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. Joseph A. Schumpeter saving excellence bankers Those revolutions are not strictly incessant; they occur in discrete rushes which are separated from each other by spans of comparative quiet. The process as a whole works incessantly however, in the sense that there always is either revolution or absorption of the results of revolution, both together forming what are known as business cycles. Joseph A. Schumpeter revolution business together Similar Authors Bryan Caplan economist Burton Malkiel economist Bruno Frey economist Brian Wesbury economist Branko Milanovic economist Andrew Samwick economist All Authors