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Joseph A. Schumpeter, influential American economist, is renowned for his groundbreaking work on innovation, entrepreneurship, and economic development. Through his seminal work "Capitalism, Socialism, and Democracy," Schumpeter introduced the concept of "creative destruction," revolutionizing our understanding of economic dynamics and technological change.
"Bureaucracy is not an obstacle to democracy but an inevitable complement to it."
"Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production."
"Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest."
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