Schumpeter Creative Destruction Quotes & Sayings

Creative Destruction is the essential fact about capitalism. — Joseph A. Schumpeter

The perennial gale of creative destruction — Joseph A. Schumpeter

Entrepreneurship rests on a theory of economy and society. The theory sees change as normal and indeed as healthy. And it sees the major task in society - and especially in the economy - as doing something different rather than doing better what is already being done. That is basically what Say, two hundred years ago, meant when he coined the term entrepreneur. It was intended as a manifesto and as a declaration of dissent: the entrepreneur upsets and disorganizes. As Joseph Schumpeter formulated it, his task is creative destruction. — Peter F. Drucker

According to the management expert Peter F. Drucker, the term "entrepreneur" (from the French, meaning "one who takes into hand") was introduced two centuries ago by the French economist Jean-Baptiste Say to characterize a special economic actor-not someone who simply opens a business, but someone who "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield." The twentieth-century growth economist Joseph A. Schumpeter characterized the entrepreneur as the source of the "creative destruction" necessary for major economic advances. — David Bornstein

At the heart of capitalism is creative destruction. — Joseph A. Schumpeter

Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself. — Margaret Thatcher

Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm. — Joseph A. Schumpeter

The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process — Joseph A. Schumpeter

The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity. — George Gilder