P8475423 at vmsuser.acsu.unsw.EDU.AU P8475423 at vmsuser.acsu.unsw.EDU.AU
Mon Jul 24 15:22:08 MDT 1995

Rakesh recently posted:
In particular, I am fascinated by Schumpeter's attribution to capital of
the Kali-like power to destroy the very structures it once created.
I can't claim to have been following this thread closely, but I will
make a comment on this observation on Schumpeter, which I think refers
to his concept of "creative destruction"--correct me if I'm wrong,

That concept refers to the manner in which capitalist competition
drives technological innovation, which generates products which, to
some extent, render existing capital (machinery) obsolete, thus
diminishing their profitability and rendering the associated
capital (finance) a blow. But while this is a destructive process
to those capitals "destroyed", Schumpeter saw it as a fundamental
component of capitalism's ability to renew itself.

Steve Keen

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