You can think of him in the same broad category as Milton Friedman, he likes markets and capitalism. But he’s making a couple of new arguments.
– One is that monopoly may not be such a bad thing. Gives capitalists something to shoot for.
– Another is that a certain amount of turmoil, unemployment, and businesses going bust may not be such a bad thing. This is the “creative destruction” part.
Do you agree with this? How good are Schumpeter’s arguments? Don’t feel like you need to take a position if you’re not comfortable doing that. You can raise questions.
(One of the things that’s interesting about Schumpeter is that he’s not just a conservative, he’s a really aristocratic conservative. He argues elsewhere in this book that entrepreneurial capitalism can be traced to the old feudal nobility, with its military virtues of audacity and strength. On the other hand he respects Marx as an economist, because Marx was the first guy to figure out how dynamic capitalism is.)
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