Great Economists Joseph Schumpeter

Innovation in a capitalist economy is a perennial gale of …

Creative destruction

Creative destruction is the deliberate …. It is the enterprise in which … .

Dismantling of the established process in order to make way for improved methods of production … New innovations destroy established enterprises and create new markets

Schumpeter saw bankruptcy and the obsolescence of some industries simply as ...

Part of the cycle of the economy whose growth benefited millions of people

Schumpeter did not take the capitalist system for granted. He believed capitalism required …. It was indeed an engine in that sense. Like a physical engine, capitalism required fuel, or it could break down.

Vibrant entrepreneurship and prudent regulation

China’s innovation is an important factor in terms of whether ….

It can join the ranks of prosperous nations

Socialist bread may taste sweeter to them than …, and it would do so even if they found mice in it.

Capitalist bread simply because it is socialist bread

Economic growth requires ….

A stable government, specifically the rule of law and protection of private property

Schumpeter admired the British system with a constitutional monarchy and bicameral Parliament comprising Commons and Lords. He held in high regard ….

Britain’s “apolitical civil service“, which gave that stability to a capitalist system

Apolitical civil service

An apolitical civil service refers to a government workforce that remains neutral and does not engage in political activities or show favoritism toward any political party. Civil servants are expected to implement policies and provide public services impartially, regardless of which political party is in power.

Schumpeter’s view of innovations involves ….

Continuous disequilibrium that is led by entrepreneurs transforming an industry with economy-wide effects

It is … rather than …, that matters

Leadership … Ownership

Innovation is a feat not of intellect, but ….

Of will …a special case of the social phenomenon of leadership

Without innovation, …; without entrepreneurial achievement, ….

No entrepreneurs … No capitalist returns and no capitalist propulsion

Schumpeter views entrepreneurship as essentially one and the same thing as ….

Technological progress that raises the growth of the economy

Market Saturation arises when … by taking existing market share from competitors or increasing overall consumer demand.

The volume of a product or service in a market has been maximized. At the point of saturation, a company can only achieve further growth through new product improvements