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Journal of Economic Perspectives: Vol. 9 No. 3 (Summer 1995)
JEP Volume. 9, Issue 3 | 
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Retrospectives: Schumpeter, David Wells, and Creative Destruction
Article Citation
Perelman, Michael. 1995. "Retrospectives: Schumpeter, David Wells, and Creative Destruction."
Journal of Economic Perspectives,
9(3): 189-197.
DOI: 10.1257/jep.9.3.189
DOI: 10.1257/jep.9.3.189
Abstract
Joseph A. Schumpeter's celebrated theory of creative destruction was anticipated by David Wells's Recent Economic Changes (1989). In some respects, Wells's treatment is superior to that of Schumpeter. Unlike Schumpeter, who believed that monopolistic competition could maximize economic growth, Wells held that cartels or trusts were necessary to prevent capital-intensive firms from competing themselves into bankruptcy and sending the economy into a depression.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Perelman, Michael (CA State U Chico)
JEL Classifications
B31: History of Thought: Individuals
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