Creative Destruction Is The Essential

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.

Lack Of Outlets, Excess Capacity, Complete Deadlock, In The End Regular Recurrence Of National Bankruptcies And Other Disasters-perhaps World Wars From Sheer Capitalist Despair-may Confidently Be Anticipated. History Is As Simple A That.

For The Duration Of Its Collective Life, Or The Time During Which Its Identity May Be Assumed, Each Class Resembles A Hotel Or An Omnibus, Always Full, But Always Of Different People.

Creative Destruction Is The Essential Fact About Capitalism.

Geniuses 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.