The Caped Crusader of Capitalism
A little love for Joseph "Creative Destruction" Schumpeter from The Smart Set in these days of Keynes:
A lot of talk centers on Keynes these days and for good reason. It was Keynes who convinced a generation that the market mechanism had no inherent tendency toward full employment. In short, capitalism is just as happy being in a bust as being in a boom. Keynes saw himself as the beast master, marshaling the forces of government in order to get the monster to behave. The entrepreneur, whom Schumpeter was always trying to encourage in his reckless behavior, was in Keynes' eyes a rather uncouth fellow who ought to be taught how to take his afternoon tea. Keynes was the guy trying to turn the party down just as Schumpeter was coming in from the kitchen with another bottle of tequila.
Note: The flamboyant Schumpeter actually did wear a cape fairly often including, one assumes, while championing capitalism.
