I really appreciated and learned from Pat Gunning's detailed answer   
about why, from an Austrian point of view, Schumpeter's argument   
about planning is not very smart.  For Pat, as I read him, there is   
not enough knowledge in any single individual or body to plan and to   
allocate resources at every stage of a long supply chain, and there   
are opportunity costs which a planner cannot know.  
  
What I am curious about -- because I think Schumpeter was pretty   
smart -- is, what would be Schumpeter's answer, not to what Pat says   
(which strikes me as the Austrian response to central planning), but   
to an equivalent question, i.e., what does Hayek (or what do the   
Austrians) leave out that is important for Schumpeter.  
  
I.e., I'd like to have the assumptions of *both* parties on the   
table, not just the ways in which Hayek thinks Schumpeter fails.  
  
Peter G. Stillman