This civilization is rapidly passing away, however. Let us rejoice or else lament the fact as much as everyone of us likes; but do not let us shut our eyes to it.
Joseph A. SchumpeterRead
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
Interpretation
What this quote means
Entrepreneurs innovate and change production processes to create new commodities and improve existing ones.
In this quote, Joseph A. Schumpeter emphasizes the crucial role of entrepreneurs in transforming industries and the economy. He argues that entrepreneurs are driven by the exploration of new technological possibilities, aiming to either create new products or enhance the way existing products are made. This innovation leads not only to the birth of new commodities but also redefines how resources are utilized, ultimately benefiting society and fostering economic growth.
Themes
EntrepreneurshipInnovationTechnologyProductionIndustry
In practice
Example use cases
During a business seminar, the speaker quoted Schumpeter to highlight the importance of innovation in entrepreneurship.
More from Joseph A. Schumpeter
All quotes βCapitalism stands its trial before judges who have the sentence of death in their pockets. They are going to pass it, whatever the defense they may hear; the only success victorious defense can possibly produce is a change in the indictment.
Joseph A. SchumpeterRead
We always plan too much and always think too little.
Joseph A. SchumpeterRead
It is however always important to remember that the ability to see things in their correct perspective may be, and often is, divorced from the ability to reason correctly and vice versa. That is why a man may be a very good theorist and yet talk absolute nonsense.
Joseph A. SchumpeterRead
Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
Joseph A. SchumpeterRead
Recognition of the inevitability of comprehensive bureaucratization does not solve the problems that arise out of it.
Joseph A. SchumpeterRead
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