Schumpeter’s Simile for Capitalist Mobility

(p. 156) In fact, the upper strata of society are like hotels which are indeed always full of people, but people who are forever changing.

Source:
Schumpeter, Joseph A. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Translated by Redvers Opie. translation of 2nd German edition that appeared in 1926; translation first published by Harvard in 1934 ed. New Brunswick, NJ: Transaction Publishers, 1983.

One thought on “Schumpeter’s Simile for Capitalist Mobility”

  1. The cross-sectional analysis that keeps being trumpeted when looking at income inequality has been frustrating to say the least, not to mention the constant focus on the top 1% when we should be more worried about the larger segment of the population.
    If you look at census data of households as well you can see a trend of a shrinking middle class–but one that has been shrinking *upward* for the last 30 years. Yet you never hear about *that* fact in the media.

Leave a Reply to Rev. Pfloyd Cancel reply

Your email address will not be published.