A very good two sentences

Back in 1970, the economist Harry G. Johnson pointed out that all
successful founders of schools not only are geniuses with profound
insights but also provide a road map that tells their followers and
successors what to do to make a successful academic career within the
school. Schumpeter did not do that second part.

Here is the full review, Brad DeLong on Thomas McCraw and Schumpeter.


Founders of schools are also people
who have said vague things that can
be subject to 1000 interpretations.

For this reason, there will never be
a Paul Samuelson School of Thought.


Give the great-idea creator over the school-founder any day of the week.

Schumpeter's insight into how capitalism REALLY works is so profound in its simplicity, and so powerful as an explanatory concept, that it now goes to the heart of what we, as a civilized people, need to understand about our economic world.

It's great that DeLong is an optimist. I am too. Yet capitalism -- the ONLY form of economic activity that can extricate people from poverty -- is continually under assault by those who fear the creative destruction of a vibrant capitalism. We know who they are -- those who deride "globalization" or moan about "inequality" as though inequality were a moral failing. (Give me a world where wealth distribution is lumpy but everyone eats, as opposed to an "equal" world where everyone is either starving or subject to the whims of shortages and scarcity.)

Capitalism is winning big, but the war is not over and victory is not certain. Those who love creative destruction -- and yes, "love" is not too strong a word -- must continually fight against those who loathe it. The loathers will claim the moral high ground, but we must never, ever cede it. Because the moral high ground is ultimately in the gleaming cities, the freedom from want, the calmness that comes from abundance and choice.

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