Joseph Schumpeter

Sep 20, 2024 | mises.org | Joseph Schumpeter

Imperialism and Social Classesby Joseph Schumpeter; Meridian, 1951 x + 181 pp. Joseph Schumpeter, a contemporary and sometimes rival of Ludwig von Mises, agrees with Mises that capitalism leads to peace, not territorial expansion. The Marxist claim that imperialism is the highest stage of capitalism is thus mistaken. In “The Sociology of Imperialism” (1919), the first of the two essays included in this English translation, Schumpeter offers his own account of imperialism.

Jul 29, 2024 | lawliberty.org | Joseph Schumpeter |Samuel Gregg |John O. McGinnis |Titus Techera

Schumpeter’s writings contain important messages that inform and challenge economists in our time. If there was ever an economist who merits the overused description “brilliant,” it is Joseph A. Schumpeter (1883–1950). The author of classics like The Theory of Economic Development (1911) and Capitalism, Socialism, and Democracy (1942) and popularizer of the phrase “creative destruction,” Schumpeter’s place among the economic greats is assured.

Jul 9, 2024 | econlib.org | James Broughel |Joseph Schumpeter |Kevin Corcoran |Scott Sumner

It is a common misconception that competitive markets yield efficient outcomes. While competition can spur increased effort, that effort need not be directed toward anything productive. More competition has a dark side as well—the tendency to produce unnecessary duplication of efforts and waste. That competition can be problematic rather than efficient is an idea today sometimes associated with investor Peter Thiel, but the reality is this view is hardly new.

Mar 4, 2024 | econlib.org | Arnold Kling |Milton Friedman |John Maynard Keynes |Joseph Schumpeter

Characteristically, Friedman had a contrarian take on the Washington consensus. Ironically, the turn toward markets gave new life to the classic institutions of the postwar managed economy, namely the World Bank and the International Monetary Fund (IMF). No longer working to stabilize a gold-backed currency, the two international organizations offered loans to emerging economies—typically conditional upon implementing some version of the Washington consensus.

Nov 29, 2023 | econlib.org | Art Carden |Joseph Schumpeter |David Henderson

It’s sad when an enterprise fails. Each one represents someone’s hopes and ambitions. Some are poorly thought out, some cynical cash grabs, but many startups represent people’s well-intentioned efforts to provide for themselves and their loved ones. Every failure is someone’s dashed dream. As sad as this is, it’s good that bad firms and bad products fail. It would be better if every idea were good and every undertaking created value. That’s not going to happen on this side of eternity, however.