Creative Destruction is the essential fact about capitalism.

Innovation is the market introduction of a technical or organisational novelty, not just its invention.

Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm.

Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.

Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.

Recognition of the inevitability of comprehensive bureaucratization does not solve the problems that arise out of it.

Profit is the payment you get when you take advantage of change.