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Schumpeter's Simile for Capitalist Mobility



(p. 156) In fact, the upper strata of society are like hotels which are indeed always full of people, but people who are forever changing.



Source:

Schumpeter, Joseph A. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Translated by Redvers Opie. translation of 2nd German edition that appeared in 1926; translation first published by Harvard in 1934 ed. New Brunswick, NJ: Transaction Publishers, 1983.





Comments

The cross-sectional analysis that keeps being trumpeted when looking at income inequality has been frustrating to say the least, not to mention the constant focus on the top 1% when we should be more worried about the larger segment of the population. If you look at census data of households as well you can see a trend of a shrinking middle class--but one that has been shrinking *upward* for the last 30 years. Yet you never hear about *that* fact in the media.

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