The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
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. SchumpeterWhy should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?
Joseph A. SchumpeterWe always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.
Joseph A. SchumpeterAll we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.
Joseph A. Schumpeter