Joseph Schumpeter Quotes
All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.
Schumpeter, Joseph A. Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. Vol. 1, McGraw-Hill, 1939, p. 143.
In 1992 Colorado passed a Taxpayer's Bill of Rights, known as TABOR that requires that spending increases get voter approval and the state refunds surpluses through a series of tax cuts. So the state ended up with the problem that Zelinski described.
This was his reaction to the idea of market research which he, Bill Gates and other inventors and high technology have demonstrated. For new technology, the consumer has little idea of what is possible.
Joseph Aloïs Schumpeter was an Austrian political economist. Born in Moravia, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.