Episode 90: What’s So Creative about Destruction?

Words & Numbers · Oct 31, 2018 · 35m

Economists use the term “creative destruction” a fair amount, but what does it actually mean? It generally refers to a company going out of business, or sometimes whole sectors of the economy vanishing as disruptive technologies and strategies come into play. It is very easy to see the “destruction” part of creative destruction. We see the empty storefronts and people out of work because the businesses they worked for couldn’t afford to pay them anymore. We point fingers and lament the loss of these former favorites. So where does the “creation” part of all this come in? Join Antony Davies…