Inspirational Quotations

Inspirational Quotes by Joseph Schumpeter (Austrian-American Economist)

Joseph Alois Schumpeter (1883–1950) was a Moravian-born American political economist and sociologist. One of the most prominent economists of the 20th century, he is known for his concepts of capitalist development, business cycles, and the entrepreneur’s role.

Born in Triesch, Moravia, now Trešt in the Czech Republic, Schumpeter was raised in Vienna. He briefly served as the Finance Minister of German-Austria (1919–20.) He taught at the universities of Czernowitz (Chernivtsi,) Graz, and Bonn. He immigrated to the U.S. in 1932 to teach at Harvard University and obtained American citizenship in 1939.

Schumpeter promoted the opinion that business cycles are a central part of economic development in a capitalist economy. In his best-selling Capitalism, Socialism, and Democracy (1942,) Schumpeter argued that capitalism would eventually fail because of its own success and give in to some form of public control or socialism.

Schumpeter’s History of Economic Analysis (1954; 1966) is a comprehensive analysis of the development of economics’s analytic methods. His other books include Theorie der wirtschaftlichen Entwicklung (1911; The Theory of Economic Development) and Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process (2 vols., 1939, 1964.)

More: Wikipedia • READ: Works by Joseph Schumpeter

Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
—Joseph Schumpeter
Topics: Bureaucracy

To the believer Marxism presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions…
—Joseph Schumpeter
Topics: Communism

Economic progress, in capitalist society, means turmoil.
—Joseph Schumpeter
Topics: Economics, Economy

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 Schumpeter
Topics: Class

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 Schumpeter
Topics: Capitalism

We always plan too much and always think too little.
—Joseph Schumpeter
Topics: Planning

It is not true that democracy will always safeguard freedom of conscience better than autocracy. Witness the most famous of all trials. Pilate was, from the standpoint of the Jews, certainly the representative of autocracy. Yet he tried to protect freedom. And he yielded to a democracy.
—Joseph Schumpeter
Topics: Liberty

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 Schumpeter
Topics: Democracy

The question that is so clearly in many potential parents minds: “Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?”
—Joseph Schumpeter
Topics: Parenting

Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.
—Joseph Schumpeter
Topics: Business, Entrepreneurs

Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
—Joseph Schumpeter
Topics: Capitalism

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