Creative Destruction, Progress, Innovation
Creative Destruction refers to the process where capitalistic markets result in a perpetual churn where newer and better ideas, products, processes, and organizations replace (destroy) older ones.
It is a byproduct of progress and innovation and is often used to explain how jobs or companies related to old technologies are frequently lost as jobs and companies related to new technologies are created.
The key idea is that markets are competitive and tend to reward adaptation while punishing those that fall behind. [Read more…]