Monday, January 19, 2009

Samuelson on Schumpeter

Peter Bernstein quotes Paul Samuelson recalling Joseph Schumpeter:
Schumpeter taught me there are no franchises.  You are king for a day. ... Schumpeter used to say the top-dollar rooms in capitalism's grand hotel are always occupied, but  not by the same occupants."
Is Schumpeter correct, I wonder?  Two answers:
  • It's what you want your kid to believe.  Kid, nobody owes you anything.  Every day you dive a 10,000 foot tower into a pail of sand.  You didn't ask to be born, but then neither did I.  Deal with it.
But
  • There have been dukes of Norfolk consecutively since 1483.
Source:Peter L. Bernstein, Capital Ideas,line 601ff on my Kindle.

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