Economics has problems. Because of Samuelson, it got a half-century case of physics envy. Then people read Schumpeter and McCloskey, and realized economics can’t predict a whit. 213 more words
Tags » Schumpeter
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“In other words the problem that is usually being visualised is how capitalism administers existing structures, whereas the relevant problem is how it creates and destroys them………However, it is still competition within a rigid pattern of invariant conditions, methods of production and forms of industrial organization in particular, that practically monopolizes attention.
In 1942, Joseph Schumpeter wrote that the expansion of higher education beyond labor market demand creates for white-collar workers “employment in substandard work or at wages below those of the better paid manual workers.” What’s more, “it may create unemployability of a particularly disconcerting type. 39 more words