Retrospectives: Schumpeter, David Wells, and Creative Destruction | Zendy

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Retrospectives: Schumpeter, David Wells, and Creative Destruction

Author(s) -

Michael Perelman

Publication year - 1995

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.9.3.189

Subject(s) - monopolistic competition , creative destruction , bankruptcy , economics , neoclassical economics , capital (architecture) , competition (biology) , depression (economics) , keynesian economics , market economy , finance , monopoly , history , ecology , archaeology , biology

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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