Catallaxy ® Institute - Classical Liberalism

„[I]nnovations in the economic system do not as a rule take place in such a way that first new wants arise spontaneously in consumers and then the productive apparatus swings round through their pressure. We do not deny the presences of this nexus. It is, however, the producer who as a rule initiates economic change, and consumers are educated by him if necessary; they are, as it were, taught to want new things or things which differ in some respect or other from those which they have been in the habit of using” (Schumpeter, 1949: 65).

Schumpeter

Theory of Economic Development

1949 , p. 65