The Neglect of Creative Destruction in Micro-Principles Texts

Arthur Diamond ()

History of Economic Ideas, 2007, vol. 15, issue 1, 197-210

Abstract: Dynamic competition through the process of creative destruction encourages the innovation in product and process that lengthens and improves lives. Although an increasing number of academics and business practitioners are recognizing the importance of creative destruction, most principles of microeconomics texts give little or no attention to the process. I examine a sample of 27 recent United States microeconomic principles textbooks. Of these, 16 do not mention Schumpeter in any way. Of the 12 that do mention Schumpeter, only six provide any description of the process of creative destruction.

Date: 2007
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