Doug, Schumpeter's creative destruction does not occur in the context of weak demand. It is a theory of investment-led aggregate demand, followed by an overshooting, and then a crash. Mellon's scheme might work, but it sure took a long time for the economy to get going. Without World War II, how much longer.
Prior to Keynes, there was a contingent of US economists who wrote about underconsumption and secular stagnation. On Wed, Jan 16, 2002 at 12:28:38PM -0500, Doug Henwood wrote: > > Wouldn't many bourgeois economists and executives agree? Liquidate, > said Mellon; creative destruction, said Schumpeter; Enron's just the > say things work, said Paul O'Neill just the other day. What's > specifically Marxist about the notion? It's the Keynesians who are > the odd ones out. > > Doug > -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
