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In lesser hands Ms Nasar’s story might have degenerated into a series of pen portraits: tittle-tattle for the middlebrow. But she unifies her account with a series of big questions. How, for example, did humanity escape from the grinding poverty that has been its lot through most of human history? Why was a static society replaced by a dynamic one? And how best to cope with the booms and busts that have been capitalism’s peculiar contribution to human life?
In Marx’s view the capitalist system, for all its ability to unleash productive power, was haunted by a contradiction: the drive to increase profits would immiserate the poor and lead to crises of overproduction. But Marshall demonstrated that capitalism advances not by immiserating the poor, but by boosting productivity. Factory owners make relentless small improvements that allow them to produce both higher wages and lower prices, thereby spreading the gains of material progress throughout society. Schumpeter further expanded the idea of productivity increases. The economy doesn’t simply get bigger and bigger. It goes through a constant process of discombobulation as entrepreneurs invent new products and processes. Marx got it upside down: capitalism’s recurrent crises actually make it stronger.

A. 어휘
In lesser hands 솜씨가 보다 서툴렀다면. degenerate 나빠지다, 퇴보하다.
pen portraits 펜화(인물이나 사건을 대략적으로 묘사하는 그림).
tittle-tattle 객소리, 잡담. middlebrow 지식(교양)이 중간 정도 쯤 되는 사람.
account 이야기. grinding 계속해서 고통을 주는, 분쇄하는, 힘드는.
lot 운명. static society 停滯的(정체적)인 사회. cope with 대처하다.
booms 쿵하고 울리는 소리, 벼락 경기, 好況(호황) busts 불황, 파열, 폭파.
contribution 寄與(기여), 공헌. unleash 해방하다. haunt 늘 따라다니다, 시달리다.
immiserate 비참하게 하다.` relentless 냉혹한, 무자비한.
discombobulation 혼란. entrepreneurs 기업가. upside down 거꾸로.
got it upside down 그것을 거꾸로 보았다.