Abstract
Capital cycle analysis is strongly influenced by J.A. Schumpeter’s notion of creative destruction, namely that competition and innovation produce a constantly evolving economy and spur improvements in productivity. From this perspective, an economic recession serves a useful function as — to use a rather hackneyed image — the forest fire burns away the dead wood and weaker trees, allowing healthy young plants to grow and prosper.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Editor information
Copyright information
© 2016 Marathan Asset Management LLP
About this chapter
Cite this chapter
Chancellor, E. (2016). The Living Dead. In: Chancellor, E. (eds) Capital Returns. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-137-57165-6_6
Download citation
DOI: https://doi.org/10.1007/978-1-137-57165-6_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-55541-3
Online ISBN: 978-1-137-57165-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)