HES: Re: DISC--Fixed Costs and Competition (and deadweight capitalgoods)

[Michael Perelman]

Mason's example is right on target.  During the late 19th C, the period I was 
writing about, long run average costs were falling dramatically, bankrupting those 
who had recently sunk investment in a smaller scale process.  The new investors were 
soon undone as well.

By the way, Schumpeter incorporated a lot of this 19th C. literature without 
crediting his predecessors.

Michael Perelman