"We are far from understanding how to achieve adaptively efficient economies because allocative efficiency and adaptive efficiency may not always be consistent. Allocatively efficient rules would make today's firms and decisions secure - but frequently at the expense of the creative destruction process that Schumpeter had in mind."
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Politicians from AustriaAcademics from AustriaGovernment ministersFinance ministersEconomists from Austria
Original Language: English
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Douglass C. North, Institutions, institutional change and economic performance (1990) Ch. 9 : Organizations, learning, and institutional change
https://en.wikiquote.org/wiki/Joseph_Schumpeter
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Joseph Schumpeter
Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist.
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