Consider this the inaugural post of The Schumpeter Club. Joseph Schumpeter was the noted Austrian economist who analyzed the critical role of innovation in generating long-term economic growth. (The transformational effect on business from innovation he termed "creative destruction.")Via the Entrepreneurial Mind. How can this site, dedicated to the insights of Schumpeter, not belong to the club? And how did we not think to start it? Poor ability to spot opportunity on my part. Sorry Phil.
For my purposes, members of the Schumpeter Club are those folks who believe a crucial way to strengthen the floundering American economy is by unleashing our free-market, entrepreneurial, innovative dynamism through lower taxes. Now this doesn't mean you can't also be for smart infrastructure investments or selected capital injections into our banking system or a federal homeowners refinancing plan. You can even also be a carbon-tax-loving member of the Pigou Club. But Schumpeterarians understand that reinvigorating private enterprise needs to be key to any pro-growth economic recovery plan. (Not bailouts. Not government spending. Not quantitative easing by the Fed.)
Of course, low tax rates are just one component of an entrepreneurial economy, but it is an important place to start.
Let me be the first to nominate Phil's article from The American Interest, Schumpeter's Century, to be the club's manifesto.
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