50 Major Economists #27 - Joseph Schumpeter
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44:18
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I think his point as follows:
- as wealth rises, people are less industrious, time preferences rise, consumption increases, savings fall, demographics decline, and overall people lose their touch with private property (a person in charge of a small business is far more caring than a bureaucrat in a corporation). in other words, the protestant work ethic, which max weber and schumpeter considered to be the backbone of capitalism, starts to weaken.
patrikkorda 7 months ago