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Journal of Economic Perspectives: Vol. 9 No. 3 (Summer 1995)

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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

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.

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Authors

Perelman, Michael (CA State U Chico)

JEL Classifications

B31: History of Thought: Individuals

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