20 Burst results for "Schumpeter"

"schumpeter" Discussed on The Dinesh D'Souza Podcast

The Dinesh D'Souza Podcast

05:57 min | 4 months ago

"schumpeter" Discussed on The Dinesh D'Souza Podcast

"I've been talking the last few days about The Economist Joseph schumpeter and his description of the distinctive features of the entrepreneur. I want to conclude my discussion of schumpeter's book called the entrepreneur. By talking about how schumpeter is so far superior in his analysis to Karl Marx. Now, let's summarize what schumpeter has been saying he's been saying, look, things don't get done in a productive economy, unless the entrepreneur is there to do them. Now the entrepreneur doesn't do them by himself or by herself, what the entrepreneur does is make it happen. Think of the idea and then organize the idea, raise the capital, sometimes the entrepreneur supplies the capital, sometimes the entrepreneur goes and gets the capital from investors or from a venture capital firm or from a bank. So the capital comes from somewhere. And then the entrepreneur takes risk and the entrepreneur does the marketing and the entrepreneur kind of pulls it all together. So you might have a good idea, but if it's not carried out, then it remains an idea on the shelf. You might have people willing to work, but if there's no entrepreneur, willing to employ them and say, listen, I need this to be done. I need that to be done. There's no way to get a regular paycheck because there's no one who's organizing the activity that puts you to work. And so this is schumpeter's point that the entrepreneur is the indispensable feature of the market machine. And in fact, where there were no entrepreneurs and so called static societies, really the society did not advance very much. No new things were made. People did farming with the same implements that had been used 500 years earlier. And houses were built the same way. And economic activity, in a sense, I won't say Grimes to a halt, but moves in a sort of predictable stable way. Now, Marx does not talk about entrepreneurs. He rarely even refers to the all the various activities that entrepreneurs do. In fact, Marx's critique of capitalism is based on miss describing the entrepreneur. Marx, miss describes, and you can see here the pejorative label that he uses deliberately in order to put the entrepreneur into a bad light. He calls the entrepreneur a capitalist. Marx didn't, as far as I know, invent the term, but he certainly made it famous. He popularized the term, it came into general circulation after and because of Marx. And the reason that marks used this term wasn't merely that he wanted to make it appear like all that entrepreneurs do is supply capital. But he wanted to make it, he wanted to identify the entrepreneur with the function of money. Now, as I mentioned, as schumpeter knows, entrepreneurs typically don't provide their own capital for their business. It's only a small number of entrepreneurs who are able who have enough money to start out with to fund their business. Most entrepreneurs have to go get it. And even if you start the smallest entrepreneur small, grocery store, you typically have to go to family and friends, borrow money, put it together, get started, and then later you find it's easier to get a bank loan and so on. So this idea that the entrepreneur supply capital, which was Marx's idea, is factually untrue. Most entrepreneurs do not supply capital, but Marx's main point is entrepreneurs don't do anything else. Marx essentially acts as if, listen, since the entrepreneur, the capitalist, as he calls them supplies only capital, what does he deserve over on top of the interest on that capital? And Marx is right if the capitalist only supplied capital and all you would deserve and return is a is a certain rate of fee on capital, which is normally called interest. And so Marx assumes that all the productivity of an enterprise belongs to the workers. Why? Because the workers who do the work and then the capitalist only supplies the money, missing who's the one who came up with the idea. Doesn't that guy deserve some reward for that? And then who is the guy who organized all these things to bring them together into a productive enterprise? And then while the workers could count on a steady check, see the entrepreneur could have gone to the workers and said, listen, I have a great idea guys. I need ten of you to come and make this product with me. And listen, I'm going to give you all a small share in the business. No money. No salary. No healthcare benefits. You're just going to get like 3%, 5%, 7%, depending on your contribution, and go in on it with me and then when the profits come in, we'll split them according to some agreed upon formula. But see the point that Trump Bader makes is the workers wouldn't go for that typically. Why? Because they don't care about the enterprise. They don't even understand the enterprise. They merely want to play a small part to bring their particular skill. I'm a loader on a dock. I am a guy working on an assembly line. It's not interesting to me as to how the parts get made. It's not interesting to me once the car is put together how the car is going to get sold at what the financing terms are going to be. No, I'm a guy who's working the assembly line, pay me my salary, give me my benefits. I want to be able to go home on the weekend. So schumpeter's point is without the entrepreneur, all of this would not occur. And this is the part that marks wants to hide. He wants to cover up, or he's too stupid to realize that this is in fact what entrepreneurs do, and without the entrepreneur, within the marketplace, it was not an exaggeration to say that without the entrepreneur nothing would get.

schumpeter Marx Joseph schumpeter Karl Marx Grimes Trump Bader
"schumpeter" Discussed on The Dinesh D'Souza Podcast

The Dinesh D'Souza Podcast

01:43 min | 4 months ago

"schumpeter" Discussed on The Dinesh D'Souza Podcast

"I've been talking the last few days about The Economist Joseph schumpeter and his description of the distinctive features of the entrepreneur. I want to conclude my discussion of schumpeter's book called the entrepreneur. By talking about how schumpeter is so far superior in his analysis to Karl Marx. Now, let's summarize what schumpeter has been saying he's been saying, look, things don't get done in a productive economy, unless the entrepreneur is there to do them. Now the entrepreneur doesn't do them by himself or by herself, what the entrepreneur does is make it happen. Think of the idea and then organize the idea, raise the capital, sometimes the entrepreneur supplies the capital, sometimes the entrepreneur goes and gets the capital from investors or from a venture capital firm or from a bank. So the capital comes from somewhere. And then the entrepreneur takes risk and the entrepreneur does the marketing and the entrepreneur kind of pulls it all together. So you might have a good idea, but if it's not carried out, then it remains an idea on the shelf. You might have people willing to work, but if there's no entrepreneur, willing to employ them and say, listen, I need this to be done. I need that to be done. There's no way to get a regular paycheck because there's no one who's organizing the activity that puts you to work. And so this is schumpeter's point that the entrepreneur is the indispensable feature of the market machine.

schumpeter Marx Joseph schumpeter Karl Marx Grimes Trump Bader
Why Joseph Schumpeter Is Far Superior to Karl Marx

The Dinesh D'Souza Podcast

01:43 min | 4 months ago

Why Joseph Schumpeter Is Far Superior to Karl Marx

"I've been talking the last few days about The Economist Joseph schumpeter and his description of the distinctive features of the entrepreneur. I want to conclude my discussion of schumpeter's book called the entrepreneur. By talking about how schumpeter is so far superior in his analysis to Karl Marx. Now, let's summarize what schumpeter has been saying he's been saying, look, things don't get done in a productive economy, unless the entrepreneur is there to do them. Now the entrepreneur doesn't do them by himself or by herself, what the entrepreneur does is make it happen. Think of the idea and then organize the idea, raise the capital, sometimes the entrepreneur supplies the capital, sometimes the entrepreneur goes and gets the capital from investors or from a venture capital firm or from a bank. So the capital comes from somewhere. And then the entrepreneur takes risk and the entrepreneur does the marketing and the entrepreneur kind of pulls it all together. So you might have a good idea, but if it's not carried out, then it remains an idea on the shelf. You might have people willing to work, but if there's no entrepreneur, willing to employ them and say, listen, I need this to be done. I need that to be done. There's no way to get a regular paycheck because there's no one who's organizing the activity that puts you to work. And so this is schumpeter's point that the entrepreneur is the indispensable feature of the market machine.

Schumpeter Joseph Schumpeter Karl Marx
"schumpeter" Discussed on The Dinesh D'Souza Podcast

The Dinesh D'Souza Podcast

02:48 min | 4 months ago

"schumpeter" Discussed on The Dinesh D'Souza Podcast

"The Biden administration has for cynical political reasons. Essentially left the border open porous. And people are pouring through a record numbers of people. It seems like every month we exceed the record of the previous month, the latest data from December shows a another record, 180,000 people across the border in December, surpassing the previous numbers to give you an idea only 75,000 crossed in December of 2020. So a big surge. And this is all being done, not just with the complicity, but with the invitation of Majorca, Kamala Harris, and of course President Biden himself. You can imagine what it's like to be a border patrol agent. And if you want to just get a sense of the kind of frustration that border patrol agents feel and being asked to do a job in an impossible situation, take a peek at this. Listen. If we're going to mention the number of exactly what's happening, this men are doing nothing. You're allowing the new aim here to talk about communities. You are doing something. You are. Your rescue and people every day. You're taking 5th all on streets every day. You're taking that benefit on the different ways. In the history of our country. In one year, in this country. So what's happening here? Well, Alex Mallorca is the head of the Department of Homeland Security DHS in town, and of course this is just bringing out the anger of the ordinary border patrol agents. And here's border patrol chief raul Ortiz. And he's in Laredo, Texas. And he's sort of trying to calm the border patrol agents and sort of put on a brave face like they're doing the best job they can and they're not having it. So Ortiz is basically saying, well, listen, you know, we're still doing a lot of good work, guys. You know, we're still stopping the fentanyl as best we can. And the border patrol agents are having none of it. They're saying, listen, there's record numbers of fentanyl coming in. They're coming in apparently with the kind of wink wink of the Biden administration. And so what are we even doing here? We can't even use the word illegal. We can't call them illegal aliens. And then, of course, Ortiz goes, well, you call them illegals right now. I'm not firing you, am I? So you've got a guy who's a supervisor, and he's obviously an apparatchik. In other words, he has to represent the Biden administration. He has to pretend like their jobs are not being systematically abused. But I love the line where one of the agents is in effect quoting Edmund Burke. That's exactly what's happening here. Good men are doing nothing.

schumpeter Sean payer Joseph schumpeter Europe Friedrich Hayek Chinese court Milton Friedman Adam Smith Ricardo Trump royal court America China Picasso
Entrepreneurship Is About Identifying a Need

The Dinesh D'Souza Podcast

02:10 min | 4 months ago

Entrepreneurship Is About Identifying a Need

"What is it that entrepreneurs actually do? What is it that makes entrepreneurs different from other types of people? One of the classic works on this subject, and it's kind of rare because if you go to Adam Smith, if you go to Ayn Rand, you see a defense of capitalism, a defense of entrepreneurship, but not an actual description of the lineation about the uniqueness of the entrepreneur. Now, Joseph schumpeter in his book, the entrepreneur does do this. This is why, to me, this is a very important book. And I tested by measuring it against my own kind of entrepreneurial ventures. I remember, for example, when I first concocted the idea of doing this movie on Obama, I met a guy who wrote me a check for a $100,000, but I told him it's gonna take two or two and a half $1 million to make the film and he's like, well, he was a $100,000. Go find 19 other guys to give you the same. I was like, wow. Of course I had no experience in filmmaking. I was known as a writer, a think tank guy. And so I'd go to potential investors who did have the money, but they would look at me as if what? What are you talking about? A movie? What good is that gonna do? How are you gonna get that? How are you gonna even make it? And so this is something that Trump made her talks about. He basically says that the entrepreneur comes up with an idea. And we often think that the entrepreneur needs to have a new invention, a kind of, no, yes, there are entrepreneurs who come up with new inventions and then figure out how to get them out. But ordinary entrepreneurship is you just identify a need. And the need could be very small. It could involve nothing new. It's just what schumpeter calls a new combination. And so for example, the suitcase has been around for a long time. And the wheel has been around for a long time, but roll on luggage hasn't been around for a long time. So an entrepreneur may go, listen, what if I took the wheel? What if I took the suitcase? I stuck the wheels on the suitcase, suddenly it's much easier to get around with your luggage. So something so simple and innovation not an

Joseph Schumpeter Adam Smith Ayn Rand Barack Obama Donald Trump Schumpeter
"schumpeter" Discussed on WZFG The Flag 1100AM

WZFG The Flag 1100AM

04:08 min | 1 year ago

"schumpeter" Discussed on WZFG The Flag 1100AM

"Newsletter If you like to check it out. Government for shutdowns, right? Amazon WALMART, So profits surged. Joe Am I reading that right profits surge in 2020 as small businesses decimated by the pandemic. Retail giants have filled the void left by shuttered shops and consumers scared to venture out. So we have governments shutting down small businesses, restaurant owners. Telling people they can't go out telling people they can't do this and that and what happens government that supposedly in it for the little guy? Actually destroys the little guy while retail giant ladies gentlemen, I'm a capital of I'm a capitalist. I don't have a problem with him making money. That's not the point. The point is this. I want you to look at this from the just the news piece Amazons blowing up right now It's you the mom and pops out there trying to earn a living and feed your kids. You're the ones getting screwed over quote. Just the news Amazons third quarter earnings for this year, the most recent available Reported operating cash flow 55 billion for the preceding 12 months, up from 35 billion for the same period in 2019. That sales increased 37% to 96 billion in the third quarter compared with 70 billion in the third quarter of 2019, the company said. While its operating income it's overall profit increased in the 94% from 3.2 billion to 6.2 billion. Wow. That's really great for Amazon. Disclosure. I do have Amazon stock 10, a portfolio of mine. For Amazon. They seem to be doing great. It isn't that kind of weird. How the same government that claims to be looking out for your best interests in a pandemic, which shut you down, created a golden opportunity and a runway Joe for the Amazon plane to take off and then take all your business away from you. As you were shut that I thought government was in it for the little guy. I'm confused. Now. Of course, drawing the contrast. Will government supposed be in it for the little guy you're telling me? Amazon is not the little guy government created a runway for Amazon to take business away from little guys that was shot down. Well, what exactly happened to the little guy? That's the only way to show the contrast. Right? Well, let's see from the just the newspeak. What actually happened to small business? Oh, it ain't good. It ain't good folks, And it's a war. In this case small businesses have throughout 2020. Suffered significant widespread closures as a result. Help. September 2020 Economic Impact report found that the number of small businesses that had closed permanently in the U. S. Had increased approximately 165% from April to September. Rising from about 37,000 to roughly 98,000. Every one of those small businesses. Mama Dada brother, sister, a friend, the cousin or whatever sitting at a table at night with his head in his hand wondering what happened. Wondering how his entire life got thrown away so fast, everything they put their time into your clothing store. Sandwich shop. Your bagel shop, your electronic store. Whatever it is, you got buried because they shut you down. And when they shut you down what happened? People went on their phones and computers and did what they always do. They go to Amazon. Lot of those people now. Maybe less than ladies and gentlemen, creative destructions of thing. Businesses go in and out of businesses are created and destroyed all the time. That's not what happened here, folks. Let's be crystal clear. We're not talking about liberty and freedom. We're not talking about economic liberty and Joseph Schumpeter is creative destruction where bad businesses go out of business and good businesses Take their places. We crystal clear, Joe. If I missed this stop me is the audience on but that's not what we're talking about. We're talking about business is now going out of business. In this pandemic that were perfectly fine. Had great products had good people had dedicated workers. They were put out of business by the government, who then shut them down, who then gave an avenue to places like Amazon and Wal Mart, and I'm not knocking them to take the business away, and some of Those customers will never come back. More on that coming up, Dan Bongino show. World is a very confusing place right now. Good things bad things all at once. I don't know what's going to happen. You know what? Nobody knows what's gonna happen. I worry about the stock market. How our dollar is gonna fare through all of this. One thing that puts my mind at ease is knowing that I could get real gold.

Amazon Joe Amazons WALMART Dan Bongino Joseph Schumpeter Mama Dada Wal Mart
"schumpeter" Discussed on Talks with Petri

Talks with Petri

03:19 min | 1 year ago

"schumpeter" Discussed on Talks with Petri

"Yeah. This is this is actually a big quite shocking statistic. It's from home. I'm nordhaus Economist and Nobel Laureate who looked at Innovative businesses what he called the schumpeterian profits after the Austrian Economist Joseph schumpeter and his idea that progress comes from creative destruction that we Implement new technologies and businesses terms that make up the old ones obsolete looking at at recent Decades of where did the prophets end up that the Surplus that were was created how much ended up the pockets of the greedy entrepreneurs and how much ended up with consumers and the rest of society with savings and the ability to produce more and and his conclusion from this model that he's building. Is that something like 2.2% of the value of their innovation? Is given to the greedy entrepreneurs just to just a little bit more than 2% despite their first-mover advantage despite often patent protection. So it means that the rest of us just sitting at home watching Netflix and eating pizza. We got 98% of the profits from these new technologies business systems that were created in better business models because the profits for the entrepreneur is quickly completed away because I thought immediately people start to imitate it and create something similar but the benefits to the rest of society that's that remains there in place for for all of us which obviously begs the question. Why do they do it? Why do they work so hard and risk all their faith? Beings and alienate friends and family by working day and night to come up with strange new inventions and goods and services if if wage even if they're lucky they get 2% and the rest of the world who complain about their Creed gets 98% of it. Well, it must just be that they have an exaggerated belief in their own ability. Isn't that one of the things that make entrepreneurs stick or it could be the joy of of Discovery and creation, but that's so much or it could be and I think it comes down to a little bit of everything. If you manage to do it if you manage to be revolutionized a particular sector create new revolutionary Technologies You create so much value so many billions that even 2.2% of that makes it all worthwhile indeed. And also the one puzzle I never figured out is that maybe you can help me and tell me when you.

Joseph schumpeter Netflix
Poverty rates continue to rise as virus relief talks fall through

Marketplace with Kai Ryssdal

05:40 min | 1 year ago

Poverty rates continue to rise as virus relief talks fall through

"What is at stake here for this economy as there is clearly no relief coming right unemployment numbers yesterday still hundred and fifty nine, hundred, thousand people industrial production is down people are spending the savings they accumulated when they were getting the six hundred dollars of extra unemployment money How okay. Here's a starting question. How bad is it? Well I. Feel like I'm I'm I feel like I'm always so gloomy when I come on your show that. The situation does seem like it's getting worse I mean the number of Americans in poverty has grown by. Sixteen million in the last few months. Based on some estimates. And it had fallen at the pandemic start because of government aid of that aid had helped, push up household spending the summer probably economy. But now it's really long gone I. Feel like we're definitely at risk of the kind of persistent economic as we saw after the financial crisis so that really matters but administration officials now say it's GonNa be hard if not possible to get something done before the election. As you know, the President says he's grappling with Anti Pelosi, over an aid package by you know, the president still has pretty big. Divisions as well with Mitch McConnell I'm the president is floating figures on north of eight trillion for potential aid package by Senate Republicans. Say the reluctant to go above five hundred, billion of quite a lot of distance there between them well, Catherine Pell that gets me to you and to a newsletter that you and I both subscribed to which the politico playbook right? It's you know political details, gossip items and lots and lots of news there there afternoon update today had this as this subject line. We regret to inform you that Larry cudlow is saying things again, Larry Cudlow of course is the president's chief economic adviser one of them anyway, and he is Once again, saying things about this economy that are simply not true. and I wonder how troubling that is to you. Yeah I saw that I wasn't sure whether to laugh or to cry when I saw that headline kudlow basically said, we shouldn't be worried about the many many people who are unemployed because they're all starting new businesses and this is just creative destruction at work and look at to the extent that new businesses are being founded. That's good news we want more business creation. The real problem is that we've lost many multiples of that presumably thousands and thousands of small businesses not because their business models weren't viable not because you know they were unproductive they were shut down because of this massive force of. This sudden shock of the pandemic and for many of them, it became unsafe to continue operating. So it's not as if created described destruction usually think of as something where the unproductive businesses go out of. Operation because they don't, it's not they don't deserve to survive what they just can't compete. You know that that the strongest survive and get replaced the the ones that are not replaced by stronger ones. That's not really what's going on here. It's not that these companies were unproductive they were viable they're out of business because. The pandemic still sucks and the government response to it sexist well and. You know they're they're essentially the victims of mass government failure at this point, I would argue so celebrating this as. A flourishing of American capitalism, which is what Kudlow hit essentially said I, think is a little bit wrongheaded. Yes. Celebrate the entrepreneurs but remember that entrepreneurs are also going out of business through fault of their own Joseph Schumpeter Peters, probably rolling over in his grave. I would also point out honest once in that Mister Kudlow said today Oh yeah. We could totally get Republicans on boarding pass this bill, which is simply not granted in fact as Mitch McConnell told his yesterday but I wanna to pull back from the American economic situation for a minute and and point out two things internationally, which were times normal. We would be all over on this program number one? Boris Johnson the Prime Minister of the United Kingdom of Great Britain and Northern Ireland said today yeah. We're GONNA have to do brexit without a deal with the European Union and that people just have to get used to that number one and number two reporting you've done the European Union is going to be allowed by the World Trade Organization tariff the United States over its Boeing subsidies and I just global trade goes on and we we seem not to be paying attention. Yeah absolutely. I. Mean I think there's the prospect right now some really significant trade disruptions on between the in the UK and between. The you in the United States while both. And the United States have these weak economies in their seeing no end in sight to their krona virus cases. So I mean with Brexit you know this is just the latest deadline that they blown through and tax will continue but the prospect of this no deal Brexit is definitely getting more real and that could mean you know massive gridlock at the ports. All kinds of problems this December when there is this real cutoff. And with the Deputy o'casey mentioned. The now has the right to impose a four billion dollars of tariffs on the US in a trade case. There was a similar case last year where the US had got permission to impose seven point five, billion dollars in Paris on Europe. So the question is, can everybody come to a deal here? That would roll back both of those tariffs are we are we gonNA see more tensions in higher prices on both sides of the Atlantic now

Mister Kudlow United States President Trump Mitch Mcconnell Brexit Larry Cudlow Atlantic European Union Catherine Pell Senate Joseph Schumpeter Peters Europe Boris Johnson UK World Trade Organization United Kingdom Of Great Britai Boeing Pelosi
"schumpeter" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:44 min | 1 year ago

"schumpeter" Discussed on Bloomberg Radio New York

"This is Bloomberg Wall Street Week with David Westin from Bloomberg Radio. It looked for a time like the European economy might be pulling out of the crisis caused by the Corona virus. But this week, a resurgent virus pointed in a different direction, and questions arose about when that 750 billion euro fiscal stimulus will come Is any men. Beddoes, editor in chief of the economists gave us percent off whether European authorities have the tools that they need. We are seeing a rise in cases across Europe, particularly in France and Spain. I mean, there was a lull in the summer. I think everybody thought this was behind them. The kind of gods were taken down a bit, and then suddenly, really starting the end of August early September, people coming back from vacation. Case is suddenly started rising. It's not happening everywhere, particularly France and Spain. The UK also rising prison re fast. Italy looks relatively okay and so does Germany, although they are going up there. And I think the interesting thing is how countries are reacting because absolutely nobody wants to go back into full lock down. But you see countries across Europe trying to grapple with what can they do in terms of tightening restrictions? That may just get this under control without them, having to go back into a full on lock down, which would of course, be devastating for the economy? And I think that that trade off being maid in different places in different countries. Countries were looking at each other copying each other, but it feels kind of groom. Actually, it really does feel like we're going back into the long haul of this. It's group for people who are locked up in their houses again. If that happens, it's also get grim, potentially for the economy gives a sense of how the European is a comedy is doing at one point we thought you were ahead of us on the rebound. I don't know anymore. Well, that was, too and it's been really interesting to watch. And right now I see I would bank on the U. S recession being shallow and recovery, But this is an interesting question is obviously it depends on how countries Deal with the code itself. It is very, very hard to have an economic recovery when you have the virus raging, but I think we're also seeing the differential effects of the kind of policy response on DH two kind of simplify a bit. The U. S had a very big stimulus to start with, obviously now nothing for a while and and with luck that will be sorted out soon, but it followed workers. The unemployment rate shot up the kind of creative destruction mechanisms are being allowed to work. Europe is taking a very different approach again in broad brush strokes, much more use off. Furlow, which in the European context means paying people while they're still with their old jobs, So there are a lot of people who are still being paid by the government effectively and are attached to their old jobs. And many of those jobs. I think they're not gonna come back. And we are seeing the longer this goes on for and you've disgusted on your show. Many times, we're going to see fairly substantial changes in consumption. Consumer behaviour, which has huge impacts for travel for retail on the knock on effects of those in terms of job losses are still being seen, and there's a lot more to come. And Europe is going to take longer. I think to readjust resources to have the kind of you know Schumpeter Erion creative destruction because of its policy response, And so there's a very real sort of trade off Europe, cushioning workers much more in their existing jobs. The U. S probably taking a different approach. And I think what was the other time? I'm sure the one that allows created destruction toe happen is one that leads to in the medium term in more dynamic economy. Xeni As you say, we had a massive stimulus to $10.2 trillion here they're talking about even yet more of that there's a 7 50 billion euro stimulus package. It was agreed upon very I think historic across all of Europe. Really funded all of Europe. At the same time, it sounds like there may be some glitches in that at this point. Where does that stand? So you're right. There are some questionings particularly by Germany. But I think you're you're you're you. The word you use is appropriate glitches because the bigger picture is but for the European Union for the Euro area, this was a very, very big step forward. I mean, people talked about it being a hamiltonian moment for Europe. I think that's an exaggeration. But do you remember throughout the euro crisis? 10 11 6012. The Germans were very, very resistant to any notion of mutually issue debt. Any any notion going that direction were very, very against. And that Rubicon was cross this year, thanks to code it And thanks to a deal really between the Germans and the French on though, So why you're right that there is you know there is going to be there are going to be some glitches. Turning this into reality and the you know the year is a long way from actually sort of finalizing it. I think the kind of symbolic and indeed sort of, you know, you know, mental Rubicon has been crossed in that it will happen in some form, and that's a very, very big step forward for the euro area in the United States. It certainly has not been on ly fiscal stimulus. The Federal Reserve has really stepped up both with approaching zero interest rates as well as bond buying. Where is lending programs? The CB also has stepped up. What do you do? How do you assess what they've done so far? Is there more that they can do? They have stepped up. I would say that the Fed has stepped up. Even more ambitious, lemon, essentially backstopping pretty much everything The has done a lot. It could do more, and it has been this communication hasn't Bean hasn't been quite as clear cart and I think in Europe, there is a sense Now. Well, now that the European Union governments at last to doing more fiscal policy, maybe the central bank doesn't have to do so much and actually, paradoxically, I think you need to. You need to be pushing on both fronts right now. So the is absolutely not out of the woods. If you look at the inflation expectations in Europe, they're way below its target really, for the foreseeable future, So it's it's not out of the woods and the European economies that absolutely not out of the woods..

Europe European Union France Germany Federal Reserve Spain Bloomberg Wall editor in chief David Westin Bloomberg Radio UK Schumpeter Erion Furlow CB Italy Rubicon United States
"schumpeter" Discussed on 710 WOR

710 WOR

08:13 min | 2 years ago

"schumpeter" Discussed on 710 WOR

"To chime in. To an open line edition of the broadcast. Call us now. Waited eight. 988 Josh, if you want the free book 80 date. Nine today, Josh 803 21 07 10. If you have a listener inspired question, very hopeful interview with Kevin O'Leary. I actually was I was blown away. I mean, I guess he's an entrepreneur's here. Always looking for opportunity, right? I was looking for opportunity. Cloud kitchens. So too big takeaways I got were cloud kitchens. That's so true. They got to do it right. As someone who likes toe order out. A lot of this food is like take out cold. The fish is overcooked or whatever you get. S o. We were just in Cape May for the week celebrating. Just are our sons. Birth. And Had a wonderful time and I saw a lot of companies. Struggling to survive on 30 or 40% of their customers. And I was amazed at how few of them really innovated their online food offering. I mean, Kate may is a is a foodie mecca. Some great fantastic restaurants. And not a one of them. Handed out fliers saying, Hey, you know, we'll we'll deliver to your right on the beach. Not one of them. And when we called that asked for delivery on the beach, you know, you know, they said, Oh, download some AP. I don't want to download an apple on vacation. So Sometimes it doesn't even have to be. Online And then when you did order some things that they weren't they weren't prepared as well because it was take out. I know a couple places did a good job. And then you saw I mean, just such a Were crying out for creative destruction. Creative destruction. And and, you know, I'm sure there's better definitions. Love it, but it's the Joseph Schumpeter. Theory. I'm basically creative destruction. Is a concept which Isn't economic, sometimes Ona Schumpeter Gate the concept of economics. Which since the 19 fifties, has become most readily identified with the Austrian born economist, Joseph Schumpeter. Derived from the work of Karl Marx and popular rising as a theory of economic innovation. And the business cycle. And it describes the process of industrial mutation. That continuously revolutionizes. The economic structure from within destroying the old one. Creating a new one. So what's the old one? Will commercial real estate will probably Go the way of you know, it'll go down unless you build these cloud kitchens or Remote pack in ships and all that stuff. So next up, we have a question on annuities. Jack 889 today, Josh. Go ahead, Jack. Good morning. I have Ah Ross Annuity and I plan never to take distribution. I want to leave it for my beneficiaries. And my question is, Can I put that into a family trust? Uh, without attacks event. Well, that would be a a legal question. Coupled with your counting. Accountant. But generally speaking, I don't see a problem with it is, um You know if it's a revokable trust, it's just treated like it's your name if it's irrevocable. You cannot have Well, if it's a Roth, you can have a raw owned by a trust to Roth has to be owned by you. So that would be the answer there. You can't do it. You could have a trust. Be the beneficiary of the wrong But you'll want And you'll want that trust tohave specifications to allow your heirs. Just to stretch distributions out over 10 years. So check with your count and legal advisor, But I would actually it's actually pretty simple. You can have a Roth or IRA owned by trust. That would that would be foolish. She would give up all the benefits of owning the Roth to begin with. That makes sense. Okay, So what? We're going to go to the phone lines 800 321 07 10. The other thing is too many people have things in the wrong buckets for the wrong purpose is So just take Jack is an example. A Roth is a great place for tax regrowth, leaving money to your heirs of yourself Tax free income. So if you were to use an annuity To generate income for yourself tax free. That'd be fun, but to use an annuity to leave to your heirs tax free. I'd rather have that Roth owning equities or higher growth oriented thing. Annuities air better for like pension replacements. Or better if you want conservative income, not for growth to leave to the heirs and entrust her good to make sure you have some control. Even in the grave, and some people go. I don't have control in the grave. You know what I am about you, but I want to I built You know, I wasn't like Remember that quote Obama always got in trouble for you didn't learn that. Well, why did earn that? And I and I'm okay with turning that and I don't I don't necessarily want the government. Telling me what to do with my money. But I don't even want my heirs telling me what to do with my money. I want to set things up for them, so they're okay. But I would like some control in the grave. So folks call us Wait. We have a Kevin O'Leary Sunday edition of the broadcast and folks If you want to schedule And keep your no obligation review. Call us now. 8889 80 Josh That's 88 89 85 67 for N After these messages will take your calls. At 803 21 07 10. So we got some themes to invest in. Potentially from our call with Kevin O'Leary. Investing 2.0 America 2.0, I've seen that with with you. Many of you were calling us. And sing, Josh. I want to meet I'm worried about the social distancing guidelines and we've come up with a very convenient method of meeting with you. And you could be 50 or you could be 80 We could do a phone call. We could do a webinar. If you're not good with the computer. Bring your kids over. Be good to have a second set of years on this anyway. So, folks if you want strategies Or maybe more conservative income in these uncertain times. Think of us as your income. Tax relief. And growth headquarters. So if you're interested in better opportunities, potentially for you no guarantees with any of this. Give us a call 80 88 90 Josh, but we can guarantee that you will have the utmost service with a smile. So call us. Eighty eight hundred eight. Josh 88 985674 will be back after these messages. Josh.

Josh That Roth Kevin O'Leary Joseph Schumpeter Jack Ona Schumpeter Gate Karl Marx Cape May Kate Obama Accountant advisor America
"schumpeter" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

03:03 min | 2 years ago

"schumpeter" Discussed on WNYC 93.9 FM

"Economist Joseph Schumpeter Schumpeter is idea was that when scientists and navigators discover something new then countries with very zealous eager entrepreneurs will work out the commercial applications of the scientific discovery and so in that vision of the economy nobody has got any really deep imagination they might be good at figuring out how to make some gadget work but they don't have great imaginative powers only scientists have imagination and am repelled by that idea horrified but really and I like to insist probably I go too far but I like to insist that the great masses of people have imagination and if they're in the economy and in firms that are receptive to new ideas many of them much of the time we'll have ideas of their own do you think trumpeter was wrong or just wrong for his time I think he was wrong yes I mean what we really have is a complimentary kind of innovation paradigm which has been invisible to economics that's Eric von Hippel again he too thinks that Sumpter was wrong or at least it is theory of innovation was woefully incomplete around where innovation really happens I invented myself and I didn't like the idea that supposedly was companies who did it and also I would see these scientific instrument makers coming into MIT laps but they were trying to sell something they were trying to figure out what the scientists had developed and so when I got into economics and business and so on and saw this standard mantra of producers C. needs it just didn't fit but if an innovation expert Mike von Hippel could see the value of home innovation why couldn't mainstream economists is invisible because nobody's pricing anything nobody selling anything so they simply didn't know so the lesson seems to be if you are a government that's trying to measure innovation find a way to include home innovators and if you're a firm that thinks of itself as a great innovator you're probably not as great as you think and you would do well by getting out of your office and into the homes of inventors around the world you can start with our listeners hi my name's mark of love okay and I'm a seventeen year old high schoolers from New Delhi India mata says his bedroom is messy and his parents were always after him to clean it up instead of actually cleaning up my room I decided to build my own burglar alarm so that any time my parents walked into the room this is really really annoying alarm.

Joseph Schumpeter Schumpeter Eric von Hippel Sumpter MIT India
"schumpeter" Discussed on News Radio 810 WGY

News Radio 810 WGY

08:26 min | 3 years ago

"schumpeter" Discussed on News Radio 810 WGY

"Smooth intro to the second half of the show, Madison wealth managers, certainly so proud to be your Madison wealth managers well with that said, let's do a quick recap. We talked about, you know, for those just joining us. We did a look at the levels. We we looked at you know, what we were looking for you know, to move these markets higher heading into this week and that did not happen. So therefore again markets pulled back. You know, we we didn't see those levels and markets market's pullback we talked a little bit about, you know, IPO season, you know, that is beginning to hit and how to think about that with respect to your portfolio talked a little bit about the Muller report that again, not really much of an impact I would say on markets. Right. John. I think maybe the best way to think about that was kind of how we thought about it. You know in discussions here right with respect. Two. It could have been a Big Mac if it could have had a big negative, and maybe not necessarily a push higher for markets. But, but again, we have you know, kind of danced around what could have been could have been a time bomb. Absolutely. So I I think that's an interesting kind of a good way to look at that. And then John we looked at in in. This is where I think I think you're gonna be amazed at these numbers that came out of NYU here this past week, we talked about how this market has really become a trading market. You know, the the the theme the investable theme, the investable index investable country, you know, it's cetera et cetera has kind of walked away right over the last, you know, really over the last couple of months here. I would say, and we looked at we looked at the fact that you know, the fact of the matter is is that the market hasn't moved since January of two thousand eighteen the US markets. Right. That's the that's the fact of the matter. Now, here's an into John. This was. This was really really really interesting and this came out of data from NYU, professor swath Damara, and I'm sure I absolutely hammered the pronunciation there and certainly apologies because this is really great work last twenty years January for this. The toughest stretch for US stocks since the great depression into World War Two. Wow. When we look at the actual aggregate returns, something very very interesting. Compounded annual growth rate. Okay. What we call the keg right Jagger for the S and P five hundred from nineteen ninety nine to two thousand eighteen right? Twenty years. Five point six percent. Wow. That's the average annual growth rate, total return basis. Lowest twenty years. This is the lowest twenty year trailing returns since the period ending in nineteen fifty which had a keg of three point seven percent. Interesting john. I mean, I think that really. Well, I mean, I think here's the here's the kicker to if you just for inflation, right? If you for CPI right twenty year trailing returns ending in two thousand eighteen or three percent. So you got a real rate of return on equity is you know, in this country of three three percent. Very very interesting. You know, you're looking at sixty year lows on that twenty year SNP trailing real returns. Right. Yeah. I don't you know. I mean, I think you know, how do we how do we think about this? You know? Yeah. Think about I was to talk on the day colleague thinking about buying a house. Think that's a great investment? Also, look at the taxes you pay with the term. You'll mouse, correct? Dig up their home improvement. You put in. Oh, no one and no one, no no-one factors. Right. No-one no-one factors justify getting to three percent. No one right now, it no-one factors. You know? No one factors that that in really, John as you say, but you know, I it's it's very I mean, you can look at that. You know, just say you can look at that one of two ways one one way to look at it would be okay, that's kind of sobering kind of depressing. Right. When you look at the last you look at the last twenty years, and you think of innovation and what's developed over the last twenty years into only really eke out a real rate of return of three percent is you know, again. Okay. It is kind of his what is right or you can look at it from the standpoint of do we have an uptick? Yeah. Right. Do we have an uptick we enter a period where we do have a prolonged uptick equity returns, and it could be a golden age because you look at it really conception. There's a ton of innovation out there. The things coming down the pipe just talked about with a without without a doubt without a doubt down a nation with these. Services like lift automated cars, gene. Where it hurts sequence. I'll. Oh, absolutely. It's amazing. The some some of the even on the individual equities, John some of the things that we're looking at you know, from the medical device standpoint or what they're doing with bloodwork donning. Right. Some of the stuff that we're says just absolutely absolutely stunning. But I guess get interesting. Take. But when you think about it at a higher level, John? I mean, maybe that's the reason why these returns are so low rate, you have this continuous disruption. Right. Where companies that were leaders, right? Are suddenly sucked under the tide right of the new and upcoming kind of that, you know, what you would think Joseph Schumpeter, the great great, economists, the gales of creative destruction. But maybe not so creative when you look at look at actual tangible tangible returns on the you know on the S and P five hundred you can flip this. You can flip this both ways. But I think having that I think having that honest discussion John with your adviser with respect to expectations right on a portfolio is very very very important because these are the real data. Right. I if you look back and say, okay. Well, what can I expect? What can I expect? You know, I think people most people John if this were family feud, right? And you say what's the number that most? People respect expect from the stock market on an annual basis rate of return. I would say the highest response would be tack interesting. Yeah. I think that's the number that immediately comes to that. Right. I think it's ten percent. I think somebody even think higher, you know. But I think ten is the number that that comes to comes to mind. So if you frame it up over the last twenty years, the the real numbers are about half half that about half that. So what does that mean that means that again, these are S and P five hundred? So it means John that you want to seek out those compliments right within portfolio. You wanna look, you know, you may wanna look towards small-cap you may look towards emerging markets. You may wanna look towards an individual equity. You know, it's cetera etcetera etcetera and look for areas that may be able to drive a little bit of outperformance. Right. A little bit of alpha within the portfolio, right? So I think I think that's a major again, I think this is a major item. I I really do. I think it's an absolute absolute major item. And I think it's a major education item out there. So we thank you as always been listening. Those who are listening are getting the getting the real data here. You know, as as we get it. So. Very, you know, very, very excellent. And certainly as we always say, everyone, if you enjoy the show, and we certainly hope you do please tell a friend. That's how we that's how we grow. And th that's how that's how and why we keep doing this, you know, each and every week. Plus, we be a lot of books out a lot of books planning John requested. I'll say this now without a without a doubt a lot of estate planning boats, and the one John, and we put it out there, and everyone who has called in we tremendous response for maximizing your social security. Terrific terrific book. The hard copies are at the printers. The hard copies remain at the printers. We will get those hard copies out as soon as they are in with respect to getting those out for your book shelves, so everyone give a call to the office. If you're looking for either of those like, I said little delay. A couple of months actually with respect to the delay on our next batch of maximizing your social security, but certainly estate planning is in stock is up to date and is ready to go. You of the really what we use John with respect to kind of that guide for estate planning strategies. It's a really really an excellent excellent read..

John NYU US keg Muller Damara Joseph Schumpeter professor Jagger twenty years three percent twenty year three three percent seven percent Twenty years six percent
"schumpeter" Discussed on The Skeptics' Guide to the Universe

The Skeptics' Guide to the Universe

04:38 min | 3 years ago

"schumpeter" Discussed on The Skeptics' Guide to the Universe

"Take a reverse award. Oh, courage. Hold on. I don't have to repeal the. All right. Very very quickly new fiction. Got one two people chameleons fiction. Diamonds fiction and Jupiter fiction. Okay. Not much of this. The new in dropped out. One in three one and three. So so despite being called a gas giant Uber is mostly liquid which. That one is science is absolutely signs by any measure. It is mostly let me give some numbers. I got the numbers down here. Schumpeter actually has we learned a lot from join up. But there's still a lot more to learn in fact, mental stuff like that. Yep. Because you could moderate voice. So the current model of Jupiter is that it really has a thin atmosphere. Just one hundred twenty four kilometers. And then the well thousand climate of liquid will likely hydrogen and forty five thousand clubbers of liquid metallic hydrogen. So it's mostly liquid hydrogen, and then belief that you have liquid helium. And then you have some kind of core. We're not really sure. Then the metallic, right? And then you have the rocky Corp, we don't how don't know really. How big is going to be some core down there. But we don't have. So Steve is the is the Red Eye of Jupiter. That's that's guest service. That's a storm on the atmosphere. Yeah. It's still a big atmosphere. One hundred twenty four but tens of thousands of liquid helium outer skin of Jupiter real. Yes. Just the skin. So a couple of cool facts that came across because of that because you have liquid hydrogen is conductive, right? Can conduct trysofi. So and it's fluid. So you have a fluid Duggal too. That's why. That's how big biggest always is the biggest thing in the solar system. Jupiter's magnetic four hundred fifty million mile, and it generates. Yeah. It's the biggest thing in the solar system, it generates ten million ten million of electric city. So we had a station near Jupiter Jupiter individual. That's really cool. All right. Most diamonds are not made from compressed coal. Jay, you had a problem with that one? I have a big problem with that. Without that one is science. Hit upon it. Most of the diamonds that are mined come from the mantle come from stable diamond region in the mental brought up by volcanoes and is much deeper than coal, very it. Cole is whatever what three kilometers. So why few clubbers and diamonds are made on one hundred fifty. So Why's everybody wrong? It's a myth that is just really percents permeates culture hurts. So what's it made out of carbon but not coke from volcanoes novocaine bring it up. So it's just there's deep carbon in the mantle. What form the how they get there? When he gets compressed all car car. We're made of carbon because it's coming on that. But I'm just trying to visualize. What does it look like where does it look like coal, maybe? The most diets are older than the life that formed coal, right? So it's most of it's three billion years old. Also, how many allergens of carbon are there? And there's a lot it. Looks like diamonds. Jay, I'm still not sold on this. Totally correct. So it's deeper older than coal. So it can't be from call three other sources of diamonds, by the way on earth. That's right. So subduction zones produce a little bit of diamonds very small, though, asteroid impacts produce Nanno diamonds and cubic zirconiums and sometime it's come from space formed somewhere else, and they just know diamonds from heaven, and we make our. Yeah. I remember some planet rain, including artificial. Okay. Number two chameleons do not use their color changing ability for camouflage fate. You think you think that's a fiction that one is science. And all. Don't they said about they're not so color is camouflaged when they change their skin color. It's mood. Ring. Jay's correct..

Jay Cole Schumpeter rocky Corp Steve one hundred twenty four kilome three billion years three kilometers
"schumpeter" Discussed on EconTalk

EconTalk

04:56 min | 3 years ago

"schumpeter" Discussed on EconTalk

"Have been seventy and fifty nine with their immoral sentiments there at the just the beginning. So the beginnings of the industrial revolution. When the possibility of transformation through the divisional labor that he was so interested in could happen combined with competition. And so presumably Darwin shot was helped by that a lot that that helped him see the how competition molded app tation led to change. Yeah. No. I think you're absolutely right. I think actually from Smith from where he sat you know in the seventeen sixty seventies fifty sixty seventies. It it. It didn't feel miniscule or slow at all felt that you know, you you see the industrial revolution. Just booming all around when you read his his pros, you see it all filtering into there. You can almost see out his windows at what's happening all around him. Absolutely. And I think you're right that that that pace of transformation of the world Darwin. Also, actually another thing, maybe. Kind of related to this is that there was a kind of agriculture revolution in Britain in the early part of the nineteenth century and Darwin was seeing he he joined pigeon fancying clubs and he studied animal breeding, and he got a a lot of material from artificial selection from breeding as kind of evidence for him for the tower of selection. So he was responding to economic and social developments around him -absolutely. You know, what I was trying to get at just realize it that if he'd been able to read Schumpeter, creative creative destruction he would have made a lot it would be easier for because that that's when of course, he was probably reacting to Darwin also because he came he between pater and Smith. But that idea economics that things are constantly arising and through the voice of competition either surviving and knocking off existing firms. Existing in technologies is is very of Darwinian. Right, right. I mean, I think it's it's hard not to read history backwards because it does seem as though people the earlier people are tipping the later people. But in fact, it's probably the other way around the later people are building on the, you know, the later understandings are building on the earlier ones. But absolutely that's all part of one. I think intellectual tradition that you're describing Hewitt close with Schrodinger. Now, if you'd asked me, I only knew one thing about Schrodinger is cat go into Schroeder's cat. But. Linkup disorders cat for the interested readers listeners who want to read about it. But you talk about the import toward the end of the book of an essay the Trojan her road called what is life and I liked that title because it's an ambitious title. It it it does have a question, Mark. I think at the end of it because it's a question that that I take it many ways. Hunch your entire book. So you close by talking about what Schroeder had to say about it. And who was a physicist not a biologist? And why it's interesting and important. Yeah. I think that's an absolutely extraordinary essay voting. What is life becau-? Well, apparently, I think many biologists consider it to be have been kind of the kind of founding whatever manifesto of molecular biology, and he sort of Tippett's DNA. He describes he you know, he describes it. But what what what was fascinating to me about. It is that he once again return. To the clockwork model, but it's a restless clockwork model. You know, he says basically that the kind of clockwork that would be at the at the core of that could expect could answer the question. What is life is a kind of restless responsive clockwork that could conceivably begin to move all on its own. He has this passage in which he describes he says spring clock might suddenly begin to move at the expense of the heat energy of its own cog wheel and of the environment. The physicist would have to say the clock experiences. An exceptionally intense fit of brownie and movement. So he's sort of groping for. For language to describe living things as machines. But restless unpredictable self transforming one's self moving ones. And so I found it fascinating. When I discovered that those passages in that say sort of long after live knits, but coming back to the same kind of imagery. My guest today has been Jessica risking her book as the Russel's clock. Jessica thanks for being part of econ to well. Thank you very much. It's been wonderful. Thank you. This is econ- talk

Tippett Smith Schroeder physicist Schumpeter Jessica Britain Hewitt Mark Russel pater
"schumpeter" Discussed on KQED Radio

KQED Radio

03:36 min | 3 years ago

"schumpeter" Discussed on KQED Radio

"Patents their son Andrew studied economics and political science at Brown. Got law degree at Columbia, and ultimately became a successful entrepreneur the focus on widespread job creation. In the American dream sweepstakes. Andrew Yang's, a pretty big winner. But along the way he came to see that for every winter. There were thousands upon thousands of losers. The economist Joseph Schumpeter famously described capitalism as an act of creative destruction with new ideas and technologies replacing the old with nimble startup firms replacing outmoded legacy firms all in service of a blanket rise in prosperity, the notion of creative destruction has for decades been part of the economic orthodoxy. And it's undeniable that global prosperity has risen not just by a little bit. But Yang like, many others stopped believing in the economic orthodoxy of creative destruction as he sees it. There's just too much destruction and the blanket rise in prosperity isn't covering enough people. We are living through what Yang calls a war on normal people a war, the Yang fears is getting uglier all the time. And that's why he has taken to saying this. I'm Andrew Yang. And I'm running for president as a democrat in two thousand twenty. I can think of a million things that you personally, Andrew Yang with your resources and abilities. And so on could have done other than running for president United States. And yet that's the one you've chosen so why so imagine if you were the guy getting medals and awards for creating jobs around the country, and realizing that the jobs are about to disappear in an historic way, and all of the solutions involve really much more intelligent activated government, then you currently have. And I went around and talked to various people being like, hey, guys anyone gonna solve the biggest problem in the history of the world, and I could not identify anyone who is going to Tehran and taken up. So you put your hand up and said, I guess I will. Yeah. I'm a parent. Like, you are I've got kids are going to grow up in this country and to me. Just believing that we're going to leave them to show that I think is coming doing something about it. Struck me as really pathetic. Today on freakonomics radio what Yangtze's happening in the middle of the country that coastal elites don't see we are blasting communities to dust, and then pretending like, we're not in pretending like, it's their fault and pretending that somehow it's unreasonable to be upset about your way of life getting destroyed what he fears will happen as the problem continues to metastasized if for instance, autonomous trucks, put three million drivers out of work this. Let's get thirty guys together with our trucks, and our guns and show off and protests, the automation of their jobs and will hear Andrew Yang's proposed solutions, including this one a psychologist in the White House. This is freakonomics radio show that explores the hidden side of everything. Here's your host, Stephen..

Andrew Yang president Joseph Schumpeter Yangtze Brown Columbia Stephen Tehran United States White House
"schumpeter" Discussed on KQED Radio

KQED Radio

03:38 min | 3 years ago

"schumpeter" Discussed on KQED Radio

"Aim on sixty nine patents their son Andrew studied economics and political science at Brown. Got a law degree at Columbia. And ultimately became a successful entrepreneur the focus on widespread job creation in the American dream sweepstakes. Andrew Yang was a pretty big winner. But along the way he came to see that for every winter. There were thousands upon thousands of losers. The economist Joseph Schumpeter famously described capitalism as an act of creative destruction with new ideas and technologies replacing the old with nimble startup firms replacing outmoded legacy firms all in service of a blanket rise in prosperity, the notion of creative destruction has for decades been part of the economic orthodoxy. And it's undeniable that global prosperity has risen not just by a little bit. But Yang like, many others stopped believing in the economic orthodoxy of creative destruction is he sees it. There's just too much destruction and the blanket rise in prosperity isn't covering enough people. We are living through what Yang calls a war a normal people a war, the Yang fears is getting uglier all the time. And that's why he has taken to saying this. I'm Andrew Young and I'm running for president as a democrat in two thousand twenty. I can think of a million things that you personally, Andrew Yang with your resources and abilities. And so on could have done other than running for president of the United States. And yet that's the one you've chosen so why so imagine if you were the guy getting medals and awards for creating jobs around the country, and realizing that the jobs are about to disappear an historic way, and all of the solutions involve really much more intelligent activated government, then you currently have. And I went around and talked to various people being like, hey, guys, sending only going to solve the biggest problem in the history of the world, and I could not identify anyone who's going to run and taken up. So you put your hand up and said, I guess I will. You know, I'm a parent. Like, you are I've got kids are going to grow up in this country and to me. Just believing that we're going to leave them the show that I think is coming and not doing something about it. Struck me as really pathetic. Today on freakonomics radio what Yangtze's happening in the middle of the country that coastal elites don't see we are blasting communities to dust, and then pretending like, we're not in pretending like, it's their fault and pretending that somehow it's unreasonable to be upset about your way of life getting destroyed what he fears will happen as the problem continues to metastasized if for instance, autonomous trucks, put three million drivers out of work this. Let's get thirty guys together with our trucks, and our guns and show off and protests, the automation of their jobs and will hear Andrew Yang's proposed solutions, including this one a psychologist in the White House. This is freakonomics radio show that explores the hidden side of everything. Here's your host, Stephen dubner..

Andrew Yang Andrew Andrew Young president Joseph Schumpeter Stephen dubner Yangtze Brown Columbia United States White House
"schumpeter" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

01:39 min | 3 years ago

"schumpeter" Discussed on WNYC 93.9 FM

"FM WNYC. Thirty three degrees now around twenty two overnight, mostly sunny and thirty eight tomorrow. This is WNYC FM HD and AM New York. Andrew Young is not famous not yet. At least maybe he will be someday. But let me tell you his story. He's forty four years old. He was born in Schenectady New York City long dominated by General Electric, the sort of company that had long dominated the American economy, but which as you likely know doesn't anymore Yang's parents had both immigrated from Taiwan and met in grad school, his mother became a systems administrator. This father did research at IBM got his name on sixty nine patents. Their son Andrew studied economics and political science at Brown. Got a law degree at Columbia. And ultimately became a successful entrepreneur the focus on widespread job creation in the American dream sweepstakes. Andrew Yang was a pretty big winner. But along the way he came to see that for every winter. There were thousands upon thousands of losers. The economist Joseph Schumpeter famously described capitalism as an act of creative destruction with new ideas and technologies replacing the old with nimble startup firms replacing outmoded legacy firms all in service of a blanket rise in prosperity, the notion of creative destruction has for decades been part of the economic.

Andrew Young Andrew Yang WNYC New York City Joseph Schumpeter Andrew IBM Taiwan Schenectady General Electric Brown Columbia Thirty three degrees forty four years
"schumpeter" Discussed on 860AM The Answer

860AM The Answer

08:19 min | 3 years ago

"schumpeter" Discussed on 860AM The Answer

"Latin and South America to US. Appearance of or behavior as an imperialist country was simply the countermeasure was Russia and since Russia brought with it socialism or communism that the us imperialism if I'm understanding it, right? Seems to be a major contributing factor in forcing Latin America away from a market economy away from free markets and property rights. Am I being too simplistic? No, that's that's pretty accurate. A lot of people get left behind in markets. I mean there's competition, and there's what Schumpeter calls creative destruction will that that also has an impact on people when people lose work when people would have factory closes because another factories. Gotten all the orders for for manufacturing orders. Then then when you have a closure you have people throwing out of work. They don't necessarily have a positive view of your market. They haven't benefiting from it. So if you have Latin America essentially being. A resource. Area rather than even a manufacturing area. I mean there. The natural resources of the region. The United States frequently would. Bring or help into power governments that would give them favorable trade terms on the extraction of natural resources. That was not uncommon duris was viewed by dole banana, for instance, as a. As a banana plantation. I mean, so it was Guatemala. And that's why our was coming in the bins is crying was that he nationalized dog nana's plantations and did some land redistribution, so these are complex issues. Of course. I mean now I understand that. But when I was young at to the socialist activists, I just thought well, you'll yes, of course, you go and you nationalized dole bananas plan land because the people need the land. And that was my thinking those games, and we could we could talk about that later. But that was the. So that. And the solidarity movement was in this country and around the world was largely inspired by Leninist ideas. And and and Leonard is whether it knew it or not. The the communists were really brilliant in their strategy. For undermining the west seem way, the US was at. Tempting to undermine the Soviet Union. And and the communist insurgencies, not always not always so intelligently. But so dirty movement. Really, we we we looked to the national liberation movements as movements that would ultimately liberate the people, and we we look for the vanguard to support. So in Cuba was obviously Fidel Castro in in Nicaragua is the Sandinistas in. And so on. So that was the that was the world we lived in. During the Cold War. And maybe a lot of the word. The word that I'll focus on his to Gus. I was thinking as as you were speaking you use the word, ultimately what I was thinking to myself cliff as you were explaining this economic and political history. What I was thinking to myself was that the promise of socialism was that the ultimate goal was pretty glorious the promise was glorious. There was no analysis, obviously as to whether weather at the vehicle to get to that glorious goal would actually do the trick. Whether the medicine was going to cure the illness. It was just the goal was so glorious it blurred out any analysis the economic analysis political analysis as to what you lose in the process freedom, and whether it would actually work it was just the promise, drew. All the attention. That's what it seems like to me is that I know it's simplistic, but is that a reasonably rational observation. Yeah. I actually think I think that's my mic respective now. Because socialism really is a an apocalyptic ideology. It believes that it's it's it's really a secularized version of the same Christianity that I. Held to when I was when I became a fundamentalist Christian back in the seventies. For me. It was a seamless transition from apocalyptic fundamentalist Christianity. Evangelical Christianity to socialism. Because they it's the same exact narrative. I mean, the idea that the that you're oppressed. You're living in sin your your oppressed. And you need to be liberated from the sin and only a meant only a messianic force can liberate you from that thing. You can't do it yourself. You're incapable of the vanguard of the people glorious vanguard can liberate you from your oppression. And when you are liberated you enter into a realm where the workers control, the means of production, and everything is is peaceful. And and everyone lives in harmony, essentially, just a rewriting of the of the Christian narrative using different symbols in different language, but it's essentially the same narrative. So what's fascinating to me is it's kind of off message. But as we go to break, and when we come back, we'll discuss will apply. What you have explained to us to the case history. The facts on the ground today in Venezuela. But my observation before we go to break is it's the promise of that Alexa, that socialism and communism. Promised an easy way out at Alexa, a fountain of youth secret pill, just sign here and no-ball hard work. We will fix we whoever. We is we'll fix everything for you. We'll take care of it. Now that was the promise in Latin America. And as we go to break, that's the promise today. We will give you free stuff. You don't have to earn it. You don't have to do anything. We will just provide. It just give us the power, and we'll take care of everything that's the lesson which is a constant lesson today. Now, I'm not saying that to throw down a gauntlet just an optimization which occurred to me cliff as you were speaking, we're going to go to break now for thirty seconds. When we come back cliff since you are such an expert at such an astute observer on what has happened, and what is happening and what will happen in Venezuela. I'm gonna ask it to apply these lessons that you learned and has observed to Venezuela and tell us what's going on there. And what's going to happen in your opinion? This is Bob Zadek. We're spending a wonderful our talking with Clifton. Ross Clifton is a writer director producer author poet and has spent extensive time and extensive.

Latin America US Venezuela Alexa Russia South America Ross Clifton Schumpeter Soviet Union Fidel Castro Cuba Bob Zadek Guatemala Nicaragua Leonard Gus writer producer director
"schumpeter" Discussed on Freakonomics

Freakonomics

04:03 min | 3 years ago

"schumpeter" Discussed on Freakonomics

"Injure Yang is not famous not yet. At least maybe will be someday. But let me tell you his story. He's forty four years old. He was born in Schenectady New York City long dominated by General Electric, sort of company that had long dominated the American economy, but which as you likely know doesn't anymore Yang's parents had both immigrated from Taiwan and met in grad school, his mother became a systems administrator. This father did research at IBM got his name on sixty nine patents. Their son Andrew studied economics and political science at Brown. Got a law degree at Columbia, and ultimately became a successful entrepreneur with the focus on widespread job creation in the American dream sweepstakes. Andrew Yang was a pretty big winner. But along the way he came to see that for every winter. There were thousands upon thousands of losers. The economist Joseph Schumpeter famously descr. Grabbed capitalism as an act of creative destruction with new ideas and technologies replacing the old with nimble startup firms replacing outmoded legacy firms all in service of a blanket rise in prosperity, the notion of creative destruction has for decades been part of the economic orthodoxy. And it's undeniable that global prosperity has risen not just by a little bit. But Yang like, many others stopped believing in the economic orthodoxy of creative destruction is he sees it. There's just too much destruction and the blanket rise in prosperity isn't covering enough people. We are living through what Yang calls a war on normal people a war, the Yang fears is getting uglier all the time. And that's why he has taken to saying this. I'm Andrew Yang. And I'm running for president as a democrat in two thousand twenty. I can think of a million things you personally, Andrew Yang with your resources and abilities. And so on could have done other than running for president United States. And yet that's the one you've chosen so why so imagine if you were the guy getting medals and awards for creating jobs around the country, and realizing that the jobs are about to disappear an historic way, and all of the solutions involve really a much more intelligent activated government than you currently have. And I went around and talked to various people being K guys anyone going to solve the biggest problem in the history of the world, and I could not identify anyone who is going to to run and taken up. So you put your hand up and said, I guess I will. Yeah. You know, I'm a parent. Like, you are I've got kids are going to grow up in this country. And to me just believing that we're going to leave them this show that I think is coming and not doing something about it. Struck me as really pathetic. Today on freakonomics radio. What Yang sees happening in the middle of the country that coastal elites don't see we are blasting communities to dust, and then pretending like, we're not and pretending like, it's their fault and pretending that somehow it's unreasonable to be upset about your way of life getting destroyed what he fears will happen as the problem continues to metastasized if for instance, autonomous trucks, put three million drivers out of work this. Let's get thirty guys together with our trucks, and our guns and show up and protests, the automation of their jobs and will hear Andrew Yang's proposed solutions, including this one a psychologist in the White House. From Stitcher and productions this is freakonomics radio the podcast.

Andrew Yang president Joseph Schumpeter IBM General Electric Taiwan Schenectady United States White House Brown New York City Columbia forty four years
"schumpeter" Discussed on The Economist Radio

The Economist Radio

01:51 min | 3 years ago

"schumpeter" Discussed on The Economist Radio

"King the steps. There are lots of portrait of eminent economists on the walls. We've got Joseph Schumpeter. People wandering around with economics textbooks. John Kenneth Galbraith. Thomas yelling? Down a corridor. All it's very scholarly. And I think his she is Hello. Thank you. Stephanie. I I want to talk about your research. But I I want to ask about you. Why did you decide to be an economist? I grew up actually in many different places. I was born in Bulgaria. I lived in eastern Germany before the fall of the wall. And then we moved to friends I was actually able to witness a lot of very different economic environments. And there were things that were puzzling me that I was seeing before understanding that they were really conomic forces driving things. And when I became, you know, old enough to understand them. I realized that it could actually be a great tool to have answers to these puzzles. So for instance, when I was growing up there was a hyper inflation in Bulgaria. So we had to literally run to the store before, you know, the prices increase, and then I was wondering, you know, why is it the case that in eastern Germany, people earn so much less than in western Germany in France. Why is it that some people, you know, sleep on the streets, but others Dinan funds restaurants. It seemed to me that economic research has some promised act. You. Be will to answer these questions. I think the topics that I study are perhaps unusual one is about the long run effects of taxes. Think of innovation education migration inequality. Second is what are the effects of taxes when things don't work as smoothly as in perfect markets when.

Germany Bulgaria Thomas Joseph Schumpeter John Kenneth Galbraith Dinan King Stephanie France