Quotations From JOSEPH A SCHUMPETER


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  • Entrepreneurial profit ... is the expression of the value of what the entrepreneur contributes to production.
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. The Theory of Economic Development, ch. 4 (1934).
  • 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 A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 14 (1942).
  • 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 (1883-1950), Austrian-American economist. Social Classes, ch. 3, no. 7 (1927).

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  • Economic progress, in capitalist society, means turmoil.
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 3 (1942).
  • 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 (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 11 (1942).

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  • Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 18 (1942).
  • 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 (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 20, sct. 3 (1942).
  • 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 A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, note to ch. 20, sect. 3 (1942).

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  • Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 13, sct. 2 (1942).
  • Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.
    Joseph A. Schumpeter (1883-1950), Austrian-American economist. Capitalism, Socialism and Democracy, ch. 1 (1942).

    Read more quotations about / on: evil, life
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