Thursday, October 7, 2010

Not Joseph Schumpeter's Creative Destruction

Steven Horwitz on a man for whom "destruction creates wealth, and war, though not ideal, is morally acceptable because it produces economic growth" — The Newspeak of Paul Krugman – Destruction is Creation.

For Joseph A. Schumpeter, "Creative Destruction" meant the "process of industrial mutation... that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one." The Nobel laureate seems either unaware of or unconvinced by Bastiat's Broken Window Fallacy, which "explains why high taxes, subsidies, tariffs and 'stimulus' programs have made our economy worse."

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