While teaching at Harvard economist Joseph Schumpeter organized an informal seminar with like minded thinkers called the Seven Wise Men. They published a piece attacking the New Deal of FDR: Recovery is sound only if it does come of itself.
Read MoreBy emphasizing the local business environment instead of natural resources, Schumpeter’s theory suggested that nations made their own destinies. Government that wished to see their citizens prosper should give up territorial ambitions and focus on fostering a favorable business climate-
Read MoreIn contrast to Marx’s automaton capitalist or (Alfred) Marshall’s owner-engineer, the entrepreneur distinguished himself by a willingness to “destroy old patterns of thought and action” and redeploy existing resources in new ways. Innovation meant overcoming obstacles, inertia, and resistance. Exceptional
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