Those who know the least
about capitalism rail the most about its negatives and never
appreciate its overwhelming positives. I suggest to them a
review of the life and work of Joseph Schumpeter, the
Austrian-German-American economist. He died in 1950 and has been
since mostly overlooked in academic circles and the media.
His view of “creative
destruction,” how the demise of established companies led to a
growing economy has been the foundation of the American dream for so
many of its citizens.
Personal incomes have
doubled every fifty or sixty years in America, when entrepreneurial
zeal is permitted to operate.
Yet, left-leaning
politicians will never guess there is any economic opportunity
without government being the instrument of largess.(See the Earl J
Weinreb NewsHole® comments and @BusinessNewshole tweets.)
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