The Perennial Gale Of Creative Destruction

Creative Destruction Is The Essential Fact About Capitalism.

In Economic Life Competition Is Never Completely Lacking, But Hardly Ever Is It Perfect.

The Success Of Everything Depends On Intuition, The Capacity Of Seeing Things In A Way Which Afterwards Proves To Be True, Even Though It Cannot Be Established At The Moment, And Of Grasping The Essential Fact, Discarding The Unessential, Even Though One Can Give No Account Of The Principles By Which This Is Done.

Surely, Nothing Can Be More Plain Or Even More Trite Common Sense Than The Proposition That Innovation [...] Is At The Center Of Practically All The Phenomena, Difficulties, And Problems Of Economic Life In Capitalist Society.

It Is Not True That Democracy Will Always Safeguard Freedom Of Conscience Better Than Autocracy. Witness The Most Famous Of All Trials. Pilate Was, From The Standpoint Of The Jews, Certainly The Representative Of Autocracy. Yet He Tried To Protect Freedom. And He Yielded To A Democracy.