Schumpeter is famous as a leading 20th century formulator of the notion of the entrepreneur as dynamic innovator of change, and also as a master of the history of economic ideas.
Under a political regime of liberty, each individual gives purpose and moral compass to his own life.
It is amazing how many people have been oblivious to this middle-aged man’s spoiled brat behavior, his childish boastfulness about things he says he is going to do, and his petulant response to every criticism with ad hominem replies.
Isn’t it strange that after a bombing, everyone blames the bomber, but after a shooting, the problem is the gun?
The attempt to establish a comprehensive socialist system in many parts of the world over the last one hundred years has been one of the cruelest and most brutal episodes in human history.
If all of that dispersed and decentralized knowledge that exists in the individual minds of all the members of society is to be effectively used and brought to bear for mutual improvement of the human condition, each of us must be left free to use that knowledge as we, respectively, think best and most advantageous.
Most people in industrialized countries take the availability of such energy for granted: we turn on a switch, and the power is there, for heating, cooling, lighting, manufacturing, transportation, and for any other human purpose.
Ethanol is an expensive boondoggle that wouldn’t survive in a competitive market.
