The process of Creative Destruction is the essential fact about capitalism.

Economists

Born in Moravia 1883

Born in Moravia 1883, Schumpeter argued entrepreneurial innovation drives capitalism through creative destruction. After serving as Austria's finance minister, he joined Harvard.

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Source: Capitalism, Socialism and DemocracyVerified

Born in Moravia 1883's Other Quotes

The entrepreneur is the pivot on which everything turns.

Innovation is the outstanding fact in the economic history of capitalist society.

Capitalism, then, is by nature a form or method of economic change and not only never is but never can be stationary.

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