An Updated Appraisal of Schumpeter's 1942 Forecast of Capitalism's Death by a Thousand Paper Cuts
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About Dr. Machovec’s topic:
Joseph Schumpeter, champion of the entrepreneur and longtime professor of economics at Harvard, in 1942 predicted that capitalism's demise would be the product of the undermining effects of the incentive-destroying termites bred by welfare-state policies whose collective goal is not merely to provide a general increase in opportunity through a minimum level of social insurance and impartial treatment under the law, but rather, equal opportunity by repealing, via compensatory schemes, all of life's random sources of 'unfairness', thereby radically broadening the classical notion of justice to include that which is otherwise unattainable without a divine rescripting of human existence….
