tag:blogger.com,1999:blog-5404820640426099135.post2598508550132250644..comments2023-10-31T00:46:35.316+13:00Comments on Anti-Dismal: Joseph Schumpeter and regime uncertaintyPaul Walkerhttp://www.blogger.com/profile/13731003529546075700noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5404820640426099135.post-46563180001581473882010-01-14T13:50:22.211+13:002010-01-14T13:50:22.211+13:00"But no one can accuse me of stealing the ide..."But no one can accuse me of stealing the idea from Schumpeter"<br /><br />I wasn't trying to say that either! I was thinking more independent discovery of the idea. I had forgotten your use of the quote in your '97 article.<br /><br />Actually I thinks its great idea, which I feel could be used to good measure to explain a lot of the lack of economic growth in New Zealand.Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-5404820640426099135.post-15204711662002791782010-01-14T13:42:19.906+13:002010-01-14T13:42:19.906+13:00But no one can accuse me of stealing the idea from...But no one can accuse me of stealing the idea from Schumpeter, because I quoted (with citation given) from these very passages in my original 1997 article on regime uncertainty, to which you link.<br /><br />It would be pleasant to suppose that only in this regard did the great JAS precede my achievements, but, of course, he did so in ways too numerous to catalog. Among other things, he was two out of three of (1) the greatest economist, (2) the greatest horseman, and (3) the greatest lover in Vienna, whereas I am a veritable Casy at the bat for these three pitches.<br /><br />As I noted in the 1997 piece, many contemporaries besides Schumpeter recognized in the 1930s that the New Deal was frightening investors and thereby preventing a full recovery of investment, particularly of long-term investment. The sample surveys of businessmen at the time confirmed that many of them expected an extreme transformation of the U.S. economy from a market-oriented system to a full-fledged fascist or socialist system or something verging on such collectivism. Nowadays people tend to pooh-pooh such observations, but I say: just go back and look at the evidence; it's remarkably unambiguous in this regard. And when you go back, try to put yourself in the place of a businessman circa 1937. Verstehende, verstehende, verstehende!Robert Higgsnoreply@blogger.com