The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.
Joseph A. SchumpeterThe banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.
Joseph A. SchumpeterThe typical citizen drops down to a lower level of mental performance as soon as he enters the political field. He argues and analyzes in a way which he would readily recognize as infantile within the sphere of his real interests. He becomes primitive again.
Joseph A. SchumpeterPoliticians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.
Joseph A. SchumpeterGeniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.
Joseph A. SchumpeterPessimistic visions about almost anything always strike the public as more erudite than optimistic ones
Joseph A. SchumpeterIn one important sense, Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.
Joseph A. Schumpeter