To Realize The Relative Validity Of One's

As A Matter Of Fact, Capitalist Economy Is Not And Cannot Be Stationary. Nor Is It Merely Expanding In A Steady Manner. It Is Incessantly Being Revolutionized From Within By New Enterprise, I.e., By The Intrusion Of New Commodities Or New Methods Of Production Or New Commercial Opportunities Into The Industrial Structure As It Exists At Any Moment.

It Is Quite Possible That Future Generations Will Look Upon Arguments About The Inferiority Of The Socialist Plan As We Look Upon Adam Smith's Argument About Joint Stock Companies Which, Also, Were Simply False.

I Know That It Is Not Enough To Be Remembered For Books And Theories. One Does Not Make A Difference Unless It Is A Difference In People's Lives.

The Perennial Gale Of Creative Destruction

All We Can Thus Far Say About The Duration Of The Units Of [the Business Cycle] And Each Of [its] Two Phases Is That It Will Depend On The Nature Of The Particular Innovations That Carry A Cycle,... And The Financial Conditions And Habits Prevailing In The Business Community In Each Case.