Keynes was no revolutionary, but his ideas revolutionized 20th-century economics. - Samuel Bowles

The aristocratic and the modern were inextricably combined in Joseph Schumpeter. The paradoxes of this great economist, who also served as minister of finance in the post-World War I government of Austria, are suggested by the fact that at his first teaching post, he challenged the university librarian to a duel to win freer access to books for the students. Perhaps Schumpeter was attracted to the big issues because he himself witnessed drastic changes in society.

Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees — not news to most employees — had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role.

The point of Darwin's statement is clear: in competitions among groups, those whose members have learned how to cooperate—that is, not to compete with one another—often win. Think of team sports. Darwin spoke of tribes as groups that would benefit from having a preponderance of cooperative members. The same reasoning applies to firms, neighborhoods, ethnic groups, and nations.