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  5. Retrospectives: Schumpeter, David Wells, and Creative Destruction

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Retrospectives: Schumpeter, David Wells, and Creative Destruction

  • Michael Perelman
Journal of Economic Perspectives
vol. 9, no. 3, Summer 1995
(pp. 189–197)
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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.

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

JEL Classification

  • B31 History of Thought: Individuals
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