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Economic progress, in capitalist society, means turmoil. — Joseph Schumpeter

Economic literature · Historical literature

Economic progress, in capitalist society, means turmoil.

Joseph Schumpeter
Capitalism, Socialism, and Democracy · 1942
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Citation
Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 3.

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The gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile. And it can tell us everything about America except why we are proud that we are Americans.

Another quote aboutTopic·Economic growth

The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation...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.

Joseph Schumpeter
Capitalism, Socialism, and Democracy · 1942
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