That Doesn’t Work Anymore

Chapter 36 New Industries and What to Do about Them

Joseph Schumpeter was an economist who did most of his work during the first half of the twentieth century. He wrote extensively about innovation in the economy and is generally credited with coining the phrase creative destruction. In his construct of creative destruction, innovation and entrepreneurs disrupt, displace, and sometimes destroy existing industries, companies, and jobs, which causes upheaval. Like Mr. Keynes, Mr. Schumpeter’s ideas evolved over time and changed with more research and took into account events that were occurring in the world. He was a man of many ideas, and you may not want to accept all of them but just because you disagree with some of the concepts does not invalidate ...