Schumpeter

Within a year of each other, Joseph Schumpeter coined the term "Ricardian vice," which you mentioned earlier, and Milton Friedman launched his campaign to revive it as a cardinal virtue.

This is a great example of what the Austrian economist Joseph Schumpeter called “creative destruction.”

The Economist’s “Schumpeter” columnist notes that sanctimony accompanies such “financial do-goodery.”

The Economist described his viewpoint succinctly: “He paints stewards of fair play — regulators and boards — as pettifogging enemies of progress,” wrote its pseudonymous business columnist “Schumpeter.”

The EFA is a perhaps unintentional homage to one source of American dynamism, immigration, because it implicitly embraces an insight of an immigrant from Austria, the economist Joseph Schumpeter, who in 1932 came to Harvard.