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Economist Joseph Schumpeter first pioneered the idea of creative destruction. The basic notion is that new technologies will "destory" older ones - i.e. mp3s killed CDs, CDs killed tapes, tapes killed records, etc... In this article from The Economist we can see the process of creative destruction graphically. Are you surprised at all by this? Does the economy in any way relate to evolution as Darwin put it? From societies point of view, are we helped by newer and better technology even though it kills the jobs and profits of anyone making "old" products?
Economist, J. A. Schumpeter is most widely known today for his theory of "creative destruction". This article actually provides a great look into what he meant by that. I think the parallel that is drawn to the music industry is very appropriate to explain exactly what creative destruction is so I'll follow along in the same way - Recorded music hurt concert attendance > Tapes killed the record > CDs killed tapes > MP3s killed CDs.
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July 2017
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