IN PRAISE OF JOSEPH SCHUMPETER: A LETTER TO THE ECONOMIST (September 22, 2009)

I salute your choice of name for your new column on business and management (“Taking Flight,” September 19, 2009). True to his roots in the Austrian school of economics, Schumpeter was a champion of the entrepreneur and the intellectual, both of whom have crucial rôles to play in society. However, I feel a bit uneasy when you call him “the prophet of capitalism’s creative powers” in spite of the phrase for which he is best known today: “creative destruction.” To wit, capitalism destructive powers cannot be pushed under the rug when talking about an intellectual of Schumpeter’s status. What is more, a careful reading of his Capitalism, Socialism, and Democracy (1942) shows clearly enough that creative destruction may well go to the core of capitalism, which will eventually transform itself from within to the point of threatening its very existence. Anyhow, this reading only buttresses your felicitous choice of name for the new column.