Journal of Economic Perspectives: Vol. 9 No. 3 (Summer 1995)
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Retrospectives: Schumpeter, David Wells, and Creative Destruction
Perelman, Michael. 1995. "Retrospectives: Schumpeter, David Wells, and Creative Destruction." Journal of Economic Perspectives, 9(3): 189-197.
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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Perelman, Michael (CA State U Chico)
B31: History of Thought: Individuals
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