Keynes' General Theory of Employment, Interest and Money (1936) revolutionized macroeconomic theory by questioning classical economists' assumptions about labor's role in the economy that operates with under-utilization of labor and low values, thus undercutting the demand and resulting in disequilibrium. Given that capital accumulation is an obstacle to economic growth, the state must necessarily interfere as a catalyst of economic growth at avoid disasters that the system innately creates.
In a post-Keynesian world, most economists, politicians and social scientists know that the laissez-faire theory of labor is hardly applicable in the age when the state determines fiscal and monetary policy, it decides minimum wage, engages in labor-intensive development works to stimulate the consumer economy, and provides incentives to the private sector to hire workers. Schumpeter was among those who recognized that the invisible hand was imaginary, not fully functional, and that the role of the 'free market' economy was not nearly as 'free' as orthodox economists wanted to believe.
Even the pillars of finance capitalism, IMF and World Bank, have expressed concern about how the current global economic contraction and its slow recovery later in the decade will entail a jobless economic recovery with relatively low compensation. I am guessing that no respectable economist or politician on this earth has publicly stated that the surplus work force in the (public or private sector) market and/or labor high values are to blame for the contracting cycle of the economy - 2008-2011.
To make this argument convincing, they argue that the goal is to expand the economic pie through efficiency mechanisms - an idea that is as old as Adam Smith and just as bogus and intentionally distracting from the issue of labor values and lack of shared benefits and costs between labor and owners of capital and management regarding productivity. To his credit, Schumpter, having lived in the shadow of Keynes and lived during the Great Depression realized the fallacies and myths regarding the catalysts of productivity and labor's role.
"All those who are unemployed or unsatisfactorily employed or unemployable drift into the vocations in which standards are least definite. … They swell the host of intellectuals … whose numbers hence increase disproportionately. They enter it in a thoroughly discontented frame of mind. Discontent breeds resentment … righteous indignation about the wrongs of capitalism … Capitalism inevitably … educates and subsidizes a vested interest in social unrest."