Schumpeter, the 21st-century economist? | Bleader

Friday, December 7, 2007

Schumpeter, the 21st-century economist?

Posted By on 12.07.07 at 10:04 AM

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Economist and blogger Brad DeLong talks about his favorite economist:

"Marx saw that the coming of capitalist economies destroyed all feudal, traditional, and patriarchal relationships and orders. [Joseph] Schumpeter saw farther: that market capitalism destroys its own earlier generations. There is, he wrote, a constant 'process of industrial mutation -- if I may use that biological term -- that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in, and what every capitalist concern has got to live in.'"

Not to mention its employees. 

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