Day 71 of 365
March 12
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Economics Creative Destruction
Joseph Schumpeter's concept of creative destruction describes how innovation replaces obsolete industries and businesses. New technologies don't just improve efficiency - they fundamentally restructure economies, destroying old jobs while creating new ones. This process drives economic growth but creates short-term disruption and inequality. Understanding creative destruction helps explain why opposing technological change is ultimately futile and why adaptation is essential.
💡 Did you know?
Kodak invented the digital camera in 1975 but suppressed it to protect their film business - creative destruction destroyed them anyway!
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