No Room for Entrepreneurs
Wednesday, October 10, 2007
Economist Joseph Schumpeter (1883-1950) may be best known for his innovative work showing the link between entrepreneurial discovery and economic progress.
But as Carl Schramm, president of the Kauffman Foundation of Entrepreneurship has pointed out, Schumpeter’s insights about risk-takers didn’t make him an optimist.
In a speech last year to European finance ministers in Vienna, Mr. Schramm explained Schumpeter’s fears: He “worried that entrepreneurial capitalism would not flourish because the bureaucracies of modern government and big corporations would dampen innovation — the process of ’creative destruction’ would be too ungovernable for a modern, Keynesian-regulated economy to tolerate.” As a result, …
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