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?
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