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