Joseph A. Schumpeter Quotes

Austria, Economist
February 8, 1883 – January, 8, 1950.

Joseph Alois Schumpeter (German: [ˈʃʊmpeːtɐ]; 8 February 1883 – 8 January 1950) was an Austrian political economist. Born in Moravia, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship.

The ballot is stronger than bullets.

Joseph A. Schumpeter
Bureaucracy is not an obstacle to democracy but an inevitable complement to it.

Joseph A. Schumpeter
- Democracy

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
- Political
- Democracy
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
- Logic
Economic progress, in capitalist society, means turmoil.

Joseph A. Schumpeter
- Society
- Progress
Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.

Joseph A. Schumpeter
- Value
- Entrepreneur
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
- People
- Life
- Time
Marxism is essentially a product of the bourgeois mind.

Joseph A. Schumpeter
- Mind

Our poverty will be brought home to us to its full extent only after the war.

Joseph A. Schumpeter
- Home
- War
- Poverty