HES: RE: RVW--Langlois on McCraw, _Prophet of Innovation: Joseph Schumpeter and Creative Destruction_

[Michael Perelman]

Alain Alcouffe wrote:
> Well, Mason's message surprised me :
> First, was obsolescence a very popular term among economists around 
> 1900? It does not appear in Marshall's Principles index.
> Second, obsolescence is only a small part of what Schumpeter intended to 
> describe with "creative destruction" as far as I understand it (an 
> explosive, exponential and cumulative process with far fetched effects 
> ignated by some initially localized innovation).

The expression was moral depreciation.


Michael Perelman