Posts Tagged ‘Joseph Schumpeter’

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    When is 60 a Good Grade?

    Feb 2, 11 • 90 Views • Developing Economies, Economic Thinkers, International Trade and Finance, Labor, Macroeconomic Measurement, Thinking Economically1 Comment

    At 60.8 percent, the Institute for Supply Management’s (ISM) measure of manufacturing activity was way up, far more than anyone expected. Reflecting expansion, any number above 50 is good. So robust a number takes us to a question. If production is...

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    Auto Innovation

    Jan 5, 11 • 118 Views • Economic Debates, Economic Thinkers, Government, Innovation, Macroeconomic MeasurementNo Comments

    Saying, “I believe the people who invented the auto cannot abandon it,” President Obama supported the bailout of General Motors. Economist Joseph Schumpeter would have been horrified. The man who explained “creative destruction,”...

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    Creatively Destroying Pontiac

    Nov 7, 10 • 109 Views • Businesses, Economic History, Economic Thinkers, InnovationNo Comments

    At some point, sooner or later, people get tired of black. During the 1920s, Henry Ford realized that the Model T, so very practical and affordable because it only came in black, needed some vitality. What forced him to recognize that the Model T was becoming...

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    Creative Destruction

    Apr 24, 10 • 128 Views • Businesses, Economic ThinkersNo Comments

    Reading Ken Auletta’s recent New Yorker article on the iPad and the Kindle, I first thought of “the razor or the blade.” While Amazon loses money on books in order to sell Kindles, razors were precisely the opposite. Get a cheap razor,...

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    The Significance of the Frisbee

    Feb 22, 10 • 105 Views • Thinking EconomicallyNo Comments

    Last week, just after listening to the Schumpeter lecture from Dr. Timothy Taylor in a (very good) Teaching Company course on the history of economic thought, I read in the N.Y. Times that the inventor of the Frisbee had died. Joseph Schumpeter focused on the...