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Destructive? Yes. Creative? Ahem -Devadeep Purohit

-The Telegraph BJP invokes Schumpeter, economists bewildered Calcutta: Economics lore has it that Joseph Schumpeter had set three goals in life: to be the world's greatest economist, Austria's greatest horseman and Vienna's greatest lover. The Austrian-American economist apparently accomplished two of the three missions but never said which two, other than offering a clue by hinting there were too many fine horsemen in Austria. A fourth goa

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The roots of the crisis in the seed industry -Ram Kaundinya

play a central role in driving change in the industry. Adoption of new technology leads to the creative destruction of old players and systems, pushing forward technological frontiers. They quote Joseph Schumpeter (1934), who posited that innovation by large firms through temporary monopolies or other forms of market power leads to technological reforms and appropriate gains, albeit with short-term consequences for social welfare. In the long run,

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Capitalism and Equality-Prabhat Patnaik

a significant extent, through death duties, of the property of the capitalists after their death so that their children do not enjoy an unfair advantage over others. Interestingly, the economist, Joseph Schumpeter, had argued that capitalism actually provided equality of opportunity to everyone even in the absence of death duties, in other words, that the vision that many had about a reformed ‘ideal’ capitalism was already realized wit

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