JOSEPH SCHUMPETER

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.

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.

Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.

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

Economic progress, in capitalist society, means turmoil.

Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.

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

Marxism is essentially a product of the bourgeois mind.

The ballot is stronger than bullets.

Capitalism is so successful economically that it creates, educates and subsidizes a vested interest in social unrest.

The first thing a man will do for his ideals is lie.

Only in a minority of cases will workmen be able to recognize the technological change responsible for their dismissal. For this it would be necessary that machines be introduced in an existent plant under the eyes of the workmen and that dismissal be effected immediately after.

The capitalist engine is first and last an engine of mass production which unavoidably means also production for the masses.

Rational as distinguished from vindictive regulation by public authority turns out to be an extremely delicate problem which not every government agency, particularly when in full cry against big business, can be trusted to solve.

Practically every enterprise is threatened and put on the defensive as soon as it comes into existence.

New industries are as a rule more profitable than old ones.

It is not the owner of stage-coaches who builds railways.

Progress" unstabilizes the economic world, or that it is by virtue of its mechanism a cyclical process.

One of the most important features of the later stages of capitalist civilization is the vigorous expansion of the educational apparatus and particularly of the facilities for higher education.

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

Capitalism is that form of private property economy in which innovations are carried out by means of borrowed money.

The reason why gold is so unpopular now and also why it was so popular in a bourgeois era is that it imposes restrictions upon governments or bureaucracies that are much more powerful than is parliamentary criticism.

Prediction of whether or not the capitalist order will survive is, in part, a matter of terminology.

Without development there is no profit, without profit no development.

Unemployment undoubtedly is and always has been a scourge….The real tragedy is not unemployment per se, but unemployment plus the impossibility of providing adequately for the unemployed without impairing the conditions of further economic development.