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 “
Discovery
consists of 
seeing
what everybody has seenand
thinking
what nobodyhas
thought
.
”
KAUFFMAN Thoughtbook
 
2009
E x c E r p t f r o m
Fourth in an ongoing series, the
Kauffman Thoughtbook 2009 
captures what we arethinking, learning, and discovering about education, entrepreneurship, and advancinginnovation. This collection of more than forty essays is written by the talented KauffmanFoundation associates, partners, and experts who are pursuing the principles and visionset by our founder, Ewing Kauffman.REQUEST YOUR COMPLIMENTARY COPY AT
kauan.g
©2008 by the Ewing Marion Kauffman Foundation. All rights reserved.
 
88
Or Role i the Evoltio o Cpitlis
CaRl J. SChRamm, P.D.
Prsidnt nd Cif excutiv officr, ewing mrin Kuffn Fundtin
It wold see to be  se bet tht Ewig K ws ilir with theworks o Joseph Schpeter d mx Weber.Both were ded whe mr. Kbeg mrio Lbs, d Schpeter’s work ws erly orgotte. Bt these threee hve plyed  iportt d ogoig role i the evoltio o cpitlis.Schpeter ws the theoreticl chpio o the etrepreer; he orcedecooists to derstd the etrepreer’s iportce i keepig cpitlissel-reewig. Weber ws the rst to see clerly the wy brecrcy estblishesitsel withi expdig rs, stifig the cretive, etrepreeril eergy o their erly yers. mr. K ws the rst philthropist to see odtios siportt djcts to preservig d spportig the etrepreeril geis o aeric cpitlis.at oe tie, the perspectives o these e seeed discordt with the directio iwhich aeric society ws heded. ollowig the disrptios o the Depressiod World Wr II, the eergig power o ecooic lysis, lloyed withregltory goveret, proised tht we cold experiece stedy growth. Bt thisidstril cpitlis—depedet o blcig the power o ios, bsiess, dgoveret—ltitely iled. Drig the period o stgftio i the erly 1980s,we experieced  trsortio i the tre o aeric cpitlis, throghctios tht redced the goveret’s regltory role i the ecooy. Will
Excerpt ro
Kauffman Thoughtbook 2009
. ©2008 by the Ewig mrio K odtio. all rights reserved.
 
9
Bol, cclied ecooist d K seior dvisor, Bob Lit, K’svice presidet o reserch d policy, d I hve chrcterized wht eerged setrepreeril cpitlis i or book,
Good Capitalism, Bad Capitalism.
The K odtio hs plyed  role i the developet o etrepreerilcpitlis, d we hve  eve ore criticl role to ply i the tre o cpitlis. as the ptrioil legtees o mr. K d, I thik, the itellectldescedts o Schpeter d Weber, it y ll to s to describe d grpplewith the chgig tre o cpitlis s  ecessry predicte to dvcig it.Towrd  new CpitlisTo spek o the dvce o cpitlis y see icogros t this prticlroet. The rits o etrepreeril cpitlis over the pst three decdes hvebee deible d, i  coprtive les, strtlig. Persol copters, cellphoes, the Iteret, edicl procedres—these d y other iovtios reow so igried ito the bric o dily lie tht it is diclt to pprecite howew they re. Together, they dd p to  rerkble chieveet: the vergeaeric tody is two-thirds welthier th i 1980.Yet s the cil crisis o 2008 clerly deostrtes, the syste tht broghtorth sch growth is predictble, certi, d, i  very rel sese, essy.The essetil etres o or rket syste rei stble over tie: spply dded, price sigls, goveret regltio, sll rs, lrge corportios,etc. The tre o these etres, however, is by o es stble. The wys iwhich techologicl iovtio proceeds, the ethods by which copiesce their ctivities, the size d scope o coser rkets—ech o these isr dieret tody ro  cetry go, d will be dieret  cetry hece.
- Or Role i the Evoltio o Cpitlis -
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