> I > cannot imagine one claiming that Austrians, > Schumpeter in particular, were > interventionist. Could you document your claim, > please? It was not my claim, but it is easy to support it. Schumpeter (1942) argued that socialism could work and that capitalism would be undone by its own critical rationalism. Doug MacKenzie I am puzzled by the sense I am getting from couple of the posts that Schumpeter was an Austrian economist. Wasn't he that only by birth and not by his belonging to the Austrian school? This is what the Wikipedia encyclopedia entry on him starts out saying: Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an Austrian economist (though not an 'Austrian economist' in the sense of being a member of the Austrian School of economics) and a giant in the history of economic thought. Secondly, his argument that socialism will prevail in the long run could hardly be construed as interventionist in the usual sense. It was the logical conclusion he reached based on his analysis of capitalism and the critical rationalism it fostered. I thought it was was neither an endorsement, nor a lament. And didn't he differ from many mainstream economists in claiming the the Great Depression would have ended by running its course because the spent capacity would eventually lead to stimulating investment as a natural course? Please correct me if I am wrong, but I believed that Schumpeter did not belong to any particular school, and neither did he found one. In that he was truly unique. Sumitra Shah