We are far from understanding how to achieve adaptively efficient economies because allocative efficiency and adaptive efficiency may not always be consistent. Allocatively efficient rules would make today's firms and decisions secure - but frequently at the expense of the creative destruction process that Schumpeter had in mind.
Douglass NorthRelated topics
consistent creative destruction efficiency efficient expense far mind process understanding schumpeter rulesRelated quotes
The process of philosophizing, to my mind, consists mainly in passing from those obvious, vague, ambiguous things, that we feel quite sure of, to something precise, clear, definite, which by reflection and analysis we find is involved in the vague thing that we start from, and is, so to speak, the real truth of which that vague thing is a sort of shadow.
Bertrand Russell
It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime.
Thomas Paine
I spent on the Other Earth many "other years," wandering from mind to mind and country to country, but I did not gain any clear understanding of the psychology of the Other Men and the significance of their history till I encountered one of their philosophers, an aging but still vigorous man whose eccentric and unpalatable views had prevented him from attaining eminence.
Olaf Stapledon
The capitalists of a country which manages to capture foreign markets from other countries are able to increase their profits at the expense of the capitalists of the other countries. Similarly, a colonial metropolis may achieve an export surplus through investment in its dependencies.
Michal Kalecki
In old days there were angels who came and took men by the hand and led them away from the city of destruction. We see no white-winged angels now. But yet men are led away from threatening destruction a hand is put into theirs, which leads them forth gently towards a calm and bright land, so that they look no more backward and the hand may be a little child's.
George Eliot
