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Retrospectives: Schumpeter, David Wells, and Creative Destruction

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  • Michael Perelman

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.

Suggested Citation

  • Michael Perelman, 1995. "Retrospectives: Schumpeter, David Wells, and Creative Destruction," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 189-197, Summer.
    • Handle: RePEc:aea:jecper:v:9:y:1995:i:3:p:189-97
    Note: DOI: 10.1257/jep.9.3.189
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.9.3.189
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    References listed on IDEAS

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    1. Michael Perelman, 1994. "Retrospectives: Fixed Capital, Railroad Economics and the Critique of the Market," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 189-195, Summer.
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    Cited by:

    1. Stephen Meardon, 2007. "Postbellum Protection and Commissioner Wells's Conversion to Free Trade," History of Political Economy, Duke University Press, vol. 39(4), pages 571-604, Winter.

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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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