Innovation is the market introduction of a technical or organisational novelty, not just its invention.
Joseph A. SchumpeterThe capitalist achievement does not typically consist in providing more silk stocking for queens but in bringing them within the reach of factory girls in return for a steadily decreasing amount of effort.
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. SchumpeterThe very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.
Joseph A. Schumpeter