The modern-day fans of Schumpeter don't really understand Schumpeter. Right after he talks about creative destruction, he goes on to explain how capitalist markets need controls to keep from careening into chaos. His idea is similar to that of Galbraith of the New Industrial State appealing to the stability that large corporations give relative to competitive capitalism. Robertson's business cycle theory came indirectly from Marx, who argued that patterns of capital replacement determined cycles.
Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
