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| creative destruction economics examples: Capitalism, Socialism, and Democracy Joseph A. Schumpeter, 2010 Explores the relation between a socialist view of society and the democratic method of government; argues that socialism is probably inevitable, for political rather than economic reasons. The book developes five principal themes, presented in five parts. Part I, The Marxian Doctrine, attests to Schumpeter's belief in the importance of Karl Marx's thought, and discusses Marx in the roles of prophet, sociologist, economist, and teacher. His strength lay in synthesis of history, economics, and politics into a vision and system (which Schumpeter admires) that that can be used for solving problems and contributing to knowledge and insight; the value of Marx's theories and conclusions are found wanting. Part II Can Capitalism Survive? shows that a socialist form of society will inevitably emerge from the inevitable decomposition of capitalist society. Essential to capitalism is the process of creative destruction, which constantly revolutionizes the system from within; this revolutionary transformation of capitalism, which spells its doom, results from its success--not, as Marx argued, from its failure. In Schumpeter's view of capitalism, monopolistic policies promote stability and increase efficiency; unemployment and business cycles accompany economic growth; and without political interference, output would increase and standard of living increase. The entrepreneurial function, which revolutionizes production by exploiting innovation, becomes routine and obsolete due to technical development and rise of big firms; the entrepreneur becomes a bureaucrat. Without innovating enterprise, profit will vanish or become unimportant. Capitalism's success undermines the social conditions that protect it. Capitalism will not survive because public opinion will not support it: the bourgeoisie is not equipped for politics; corporate evolution and decline of the family have reduced the bourgeois sense of property and incentives; destruction of monarchy and aristocracy have deprived the bourgeois of its protectors; and disenchanted intellectuals inflame discontent with free enterprise. Establishment of socialism can be expected. Part III, Can Socialism Work? answers, Of course it can. Socialism for Schumpeter is centralized control over the means of production. Necessary for the success of socialism is reaching the requisite stage of industrial development and resolution of transitional problems. The assessment of a socialist society should be based less on economic efficiency than on the quality of the bureaucratic apparatus operating the system. Socialism may likely be as successful in satisfying consumers, promoting economic progress, and enforcing discipline and efficiency. Part IV, Socialism and Democracy argues one can have autocratic, theocratic, or democratic socialism. Socialism's economic problem should only be discussed referring to the given state of the social environment and historical situation. Schumpeter alternatively defines democracy as people's selection of a government. Socialism may be democratic if certain conditions are met: politics must be culturally valued, range of political decisions must be fairly narrow, a well-trained bureaucracy exists, and the public exercises democratic self control. Part V, Historical Sketch of Socialist Parties analyzes the history of the most important socialist parties in England, Sweden, U.S., France, Germany, and Austria, emphasizing how they tried to live within the structure of a Marxist system and to remain alive and grow politically. Socialism, though, is likely to present fascist features. (TNM). |
| creative destruction economics examples: Prophet of Innovation Thomas K. McCraw, 2010-03-30 Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses. |
| creative destruction economics examples: The Power of Creative Destruction Philippe Aghion, Céline Antonin, Simon Bunel, 2021-04-20 From one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism. Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity. To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today’s most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday’s superstar innovators don’t pull the ladder up after them to thwart tomorrow’s. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make. |
| creative destruction economics examples: Creative Destruction and the Sharing Economy Henrique Schneider, 2017 While creative destruction and disruptive innovation change the entrepreneurial landscape; regulation - especially regulation of sectorial markets and competition regulation - can delay this change or even bring it to a halt. Uber plays an active role between these two forces: first as an agent of creative destruction and then possibly in championing regulation on its own terms. Grounded in a particular understanding of the economic concept of the market as a series of processes, this book explores the implications of creative destruction, competition regulation and the role that businesses play. Instead of discussing these relations in a purely abstract manner, this book uses Uber as a case study. |
| creative destruction economics examples: Creative Destruction Tyler Cowen, 2009-01-10 A Frenchman rents a Hollywood movie. A Thai schoolgirl mimics Madonna. Saddam Hussein chooses Frank Sinatra's My Way as the theme song for his fifty-fourth birthday. It is a commonplace that globalization is subverting local culture. But is it helping as much as it hurts? In this strikingly original treatment of a fiercely debated issue, Tyler Cowen makes a bold new case for a more sympathetic understanding of cross-cultural trade. Creative Destruction brings not stale suppositions but an economist's eye to bear on an age-old question: Are market exchange and aesthetic quality friends or foes? On the whole, argues Cowen in clear and vigorous prose, they are friends. Cultural destruction breeds not artistic demise but diversity. Through an array of colorful examples from the areas where globalization's critics have been most vocal, Cowen asks what happens when cultures collide through trade, whether technology destroys native arts, why (and whether) Hollywood movies rule the world, whether globalized culture is dumbing down societies everywhere, and if national cultures matter at all. Scrutinizing such manifestations of indigenous culture as the steel band ensembles of Trinidad, Indian handweaving, and music from Zaire, Cowen finds that they are more vibrant than ever--thanks largely to cross-cultural trade. For all the pressures that market forces exert on individual cultures, diversity typically increases within society, even when cultures become more like each other. Trade enhances the range of individual choice, yielding forms of expression within cultures that flower as never before. While some see cultural decline as a half-empty glass, Cowen sees it as a glass half-full with the stirrings of cultural brilliance. Not all readers will agree, but all will want a say in the debate this exceptional book will stir. |
| creative destruction economics examples: Openness to Creative Destruction Arthur M. Diamond, 2019 Life improves under the economic system often called entrepreneurial capitalism or creative destruction, but more accurately called innovative dynamism. Openness to Creative Destruction: Sustaining Innovative Dynamism shows how innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation. The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches. Arthur M. Diamond, Jr. shows how economies grow where innovative dynamism through leapfrog competition flourishes, as in the United States from roughly 1830-1930. Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizens more than the privileged elites. Diamond highlights that because breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions. He argues that some fears about adverse effects on labor market are unjustified, since more and better new jobs are created than are destroyed, and that other fears can be mitigated by better policies. The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs to potential entrepreneurs and thus reduces innovation. The Great Fact of economic history is that after at least 40,000 years of mostly poor, nasty, brutish, and short humans in the last 250 years have started to live substantially longer and better lives. Diamond increases understanding of why. |
| creative destruction economics examples: Creative Destruction Phil Mullan, 2017-03-29 Western economies have become stuck in a protracted depression that began long before the 2008 crash. Low productivity, which started in the 1970s, has prevented durable rises in living standards. Phil Mullan shows that the only way to ensure a better future is to create one, calling for a comprehensive economic restructure backed by political and cultural change. This means embracing the uncomfortable disruption involved in progressive change, rekindling in democratic form a spirit of Enlightenment thinking. The votes for Brexit and in the US presidential elections in 2016 indicate that many people desire change, offering greater opportunity for this public discussion. What is needed is a new industrial revolution which develops a broad range of emerging and yet unimagined services and products, provides decent jobs and restores prosperity. Providing examples of the new technologies needed to drive change, backed up by a wealth of data, this important book calls for a sea-change in imagination and thinking. |
| creative destruction economics examples: Meme Wars Kalle Lasn, Adbusters, 2013-01-15 From the editor and magazine that started and named the Occupy Wall Street movement, Meme Wars: The Creative Destruction of Neoclassical Economics is an articulation of what could be the next steps in rethinking and remaking our world that challenges and debunks many of the assumptions of neoclassical economics and brings to light a more ecological model. Meme Wars aims to accelerate the shift into this new paradigm that takes into account psychonomics, bionomics, and other aspects of our physical and mental environment that are often left out in discussions of economics. Like Adbusters, the book will be image heavy and full-color throughout. Lasn calls it a textbook for the future that provides the building blocks, in texts and visuals, for a new way of looking at and changing our world. Through an examination of alternative economies, Lasn hopes to spur students to become barefoot economists and to see that a humanization of economics is possible. Meme Wars will include contributions from Nobel Prize winner Joseph Stiglitz, Paul Samuelson, George Akerlof, Lourdes Benería, Julie Matthaei, Manfred Max-Neef, David Orrell, Paul Gilding, Mathis Wackernagel and the father of ecological economics Herman Daly, among others. Based on ideas that were presented in a special issue of Adbusters entitled Thought Control in Economics: Beyond the Growth Paradigm / An Activist Toolkit, Meme Wars will help move forward the Occupy Wall Street movement. |
| creative destruction economics examples: Innovation: A Very Short Introduction Mark Dodgson, David Gann, 2010-03-25 This book demonstrates how innovation is used to create wealth, productivity growth, and improved quality of life |
| creative destruction economics examples: Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship , 2020-07-30 The second edition of this exhaustive work (ECIIE) comprehensively covers the broad spectrum of topics relating to the process of creativity and innovation, from a wide variety of perspectives (e.g., economics, management, psychology, anthropology, policy, technology, education, the arts) and modes (individual, organization, industry, nation, region). This edition includes some 400 topical entries, definitions of key terms and concepts and review essays, from a global array of more than 250 researchers, business executives, policymakers, and artists, illuminating the many facets of creativity and innovation and highlighting their relationships to such universal concepts as knowledge management, economic opportunity, and sustainability. Entries feature description of key concepts and definition of terms, full-color illustrations, case examples, future directions for research and application, synonyms and cross-references and bibliographic references. |
| creative destruction economics examples: Home Comforts Cheryl Mendelson, 2005-05-17 A classic bestselling resource for every household, Home Comforts helps you manage everyday chores, find creative solutions to domestic dilemmas, and enhance the experience of life at home. “Home Comforts is to the house what Joy of Cooking is to food.” —USA TODAY Home Comforts is an engaging and comprehensive book about housekeeping. It is a lively and readable guide for both beginners and experts in all the domestic arts. From keeping surfaces free of germs, watering plants, removing stains, folding a fitted sheet, cleaning china, tuning a piano, lighting a fire, setting the dining room table—this guide covers everything that people might want to do for themselves in their homes. Further topics include: making up a bed with hospital corners, expert recommendations for safe food storage, reading care labels (and sometimes carefully disregarding them), keeping your home free of dust mites and other allergens, this is a practical, good-humored, philosophical guidebook to the art and science of household management. |
| creative destruction economics examples: The Economics of Artificial Intelligence Ajay Agrawal, Joshua Gans, Avi Goldfarb, Catherine Tucker, 2024-03-05 A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system. |
| creative destruction economics examples: Why Nations Fail Daron Acemoglu, James A. Robinson, 2013-09-17 Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world. |
| creative destruction economics examples: The Experience Economy B. Joseph Pine, James H. Gilmore, 1999 This text seeks to raise the curtain on competitive pricing strategies and asserts that businesses often miss their best opportunity for providing consumers with what they want - an experience. It presents a strategy for companies to script and stage the experiences provided by their products. |
| creative destruction economics examples: Schumpeter and the Endogeneity of Technology Nathan Rosenberg, 2000 Explores Schumpeter's views as an economist who was, long ago, committed to the notion of the endogeneity of technology. |
| creative destruction economics examples: Economics in One Lesson Henry Hazlitt, 2010-08-11 With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication. |
| creative destruction economics examples: The Orange Economy Inter American Development Bank, Iván Duque Márquez, Pedro Felipe Buitrago Restrepo, 2013-10-01 This manual has been designed and written with the purpose of introducing key concepts and areas of debate around the creative economy, a valuable development opportunity that Latin America, the Caribbean and the world at large cannot afford to miss. The creative economy, which we call the Orange Economy in this book (you'll see why), encompasses the immense wealth of talent, intellectual property, interconnectedness, and, of course, cultural heritage of the Latin American and Caribbean region (and indeed, every region). At the end of this manual, you will have the knowledge base necessary to understand and explain what the Orange Economy is and why it is so important. You will also acquire the analytical tools needed to take better advantage of opportunities across the arts, heritage, media, and creative services. |
| creative destruction economics examples: The Disruption Dilemma Joshua Gans, 2016-03-18 An expert in management takes on the conventional wisdom about disruption, looking at companies that proved resilient and offering managers tools for survival. “Disruption” is a business buzzword that has gotten out of control. Today everything and everyone seem to be characterized as disruptive—or, if they aren't disruptive yet, it's only a matter of time before they become so. In this book, Joshua Gans cuts through the chatter to focus on disruption in its initial use as a business term, identifying new ways to understand it and suggesting new tools to manage it. Almost twenty years ago Clayton Christensen popularized the term in his book The Innovator's Dilemma, writing of disruption as a set of risks that established firms face. Since then, few have closely examined his account. Gans does so in this book. He looks at companies that have proven resilient and those that have fallen, and explains why some companies have successfully managed disruption—Fujifilm and Canon, for example—and why some like Blockbuster and Encyclopedia Britannica have not. Departing from the conventional wisdom, Gans identifies two kinds of disruption: demand-side, when successful firms focus on their main customers and underestimate market entrants with innovations that target niche demands; and supply-side, when firms focused on developing existing competencies become incapable of developing new ones. Gans describes the full range of actions business leaders can take to deal with each type of disruption, from “self-disrupting” independent internal units to tightly integrated product development. But therein lies the disruption dilemma: A firm cannot practice both independence and integration at once. Gans shows business leaders how to choose their strategy so their firms can deal with disruption while continuing to innovate. |
| creative destruction economics examples: The Innovator's Dilemma Clayton M. Christensen, 2013-10-22 Named one of 100 Leadership & Success Books to Read in a Lifetime by Amazon Editors An innovation classic. From Steve Jobs to Jeff Bezos, Clay Christensen’s work continues to underpin today’s most innovative leaders and organizations. The bestselling classic on disruptive innovation, by renowned author Clayton M. Christensen. His work is cited by the world’s best-known thought leaders, from Steve Jobs to Malcolm Gladwell. In this classic bestseller—one of the most influential business books of all time—innovation expert Clayton Christensen shows how even the most outstanding companies can do everything right—yet still lose market leadership. Christensen explains why most companies miss out on new waves of innovation. No matter the industry, he says, a successful company with established products will get pushed aside unless managers know how and when to abandon traditional business practices. Offering both successes and failures from leading companies as a guide, The Innovator’s Dilemma gives you a set of rules for capitalizing on the phenomenon of disruptive innovation. Sharp, cogent, and provocative—and consistently noted as one of the most valuable business ideas of all time—The Innovator’s Dilemma is the book no manager, leader, or entrepreneur should be without. |
| creative destruction economics examples: U.S. History P. Scott Corbett, Volker Janssen, John M. Lund, Todd Pfannestiel, Sylvie Waskiewicz, Paul Vickery, 2024-09-10 U.S. History is designed to meet the scope and sequence requirements of most introductory courses. The text provides a balanced approach to U.S. history, considering the people, events, and ideas that have shaped the United States from both the top down (politics, economics, diplomacy) and bottom up (eyewitness accounts, lived experience). U.S. History covers key forces that form the American experience, with particular attention to issues of race, class, and gender. |
| creative destruction economics examples: Happiness, Technology and Innovation Gaël Brulé, Francis Munier, 2021-08-27 This book asks what kind of impacts innovations and technology have on subjective well-being and happiness. It presents the state of the art both in terms of results and theoretical questioning on these topics. It proposes a new concept: innovation that leads to greater happiness, and highlights new research in this area. In so doing, it addresses a less researched area in the field of well-being research. The authors state that notwithstanding the indisputable positive contributions of innovation and technology, there are also drawbacks, which need equal attention in research. This book is of interest to students and researchers of quality of life and well-being, as well as innovation research. |
| creative destruction economics examples: Modern Evolutionary Economics Richard R. Nelson, Giovanni Dosi, Constance E. Helfat, Andreas Pyka, Pier Paolo Saviotti, Keun Lee, Kurt Dopfer, Franco Malerba, Sidney G. Winter, 2018-05-03 Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evolutionary economics, reviewing in detail how this perspective has been manifest in various areas of economic inquiry where evolutionary economists have been active. Providing the perfect overview for interested economists and social scientists, readers will learn how in each of the diverse fields featured, evolutionary economics has enabled an improved understanding of how and why economic progress occurs. |
| creative destruction economics examples: Soft Innovation Paul Stoneman, 2010-02-04 Much of the existing economic literature on innovation has taken a particularly functional viewpoint as to what innovation might be. This book explores 'soft innovation', found in the creative industries such as publishing, film-making, advertising, and architecture, which has been, hitherto, ignored in innovation studies. |
| creative destruction economics examples: The Creative Destruction of Medicine Eric Topol, 2012-01-31 A professor of medicine reveals how technology like wireless internet, individual data, and personal genomics can be used to save lives. |
| creative destruction economics examples: Recent Economic Changes David Ames Wells, 1889 |
| creative destruction economics examples: Economic Ideas You Should Forget Bruno S. Frey, David Iselin, 2017-03-08 Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics. |
| creative destruction economics examples: The Little Book of Economics Greg Ip, 2013-01-14 An accessible, thoroughly engaging look at how the economy really works and its role in your everyday life Not surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before. But economics, with its weird technical jargon and knotty concepts and formulas can be a very difficult subject to get to grips with on your own. Enter Greg Ip and his Little Book of Economics. Like a patient, good-natured tutor, Greg, one of today's most respected economics journalists, walks you through everything you need to know about how the economy works. Short on technical jargon and long on clear, concise, plain-English explanations of important terms, concepts, events, historical figures and major players, this revised and updated edition of Greg's bestselling guide clues you in on what's really going on, what it means to you and what we should be demanding our policymakers do about the economy going forward. From inflation to the Federal Reserve, taxes to the budget deficit, you get indispensible insights into everything that really matters about economics and its impact on everyday life Special sections featuring additional resources of every subject discussed and where to find additional information to help you learn more about an issue and keep track of ongoing developments Offers priceless insights into the roots of America's economic crisis and its aftermath, especially the role played by excessive greed and risk-taking, and what can be done to avoid another economic cataclysm Digs into globalization, the roots of the Euro crisis, the sources of China's spectacular growth, and why the gap between the economy's winners and losers keeps widening |
| creative destruction economics examples: The Myth of the Entrepreneurial State Deirdre Nansen McCloskey, Alberto Mingardi, 2020-10-16 A common narrative of the post-World War II economists was that the State is indispensable for guiding investment and fostering innovation. They claimed that the wealth of the modern world is the result of past State guidance and that what is needed for future economic growth is more State guidance. This position has recently been rejuvenated in reaction to the Great Recession of 2008. The truth is that the enriched modern economy was not a product of State coercion. It was a product of a change in political and social rhetoric in northwestern Europe from 1517 to 1789. The Great Enrichment, that is, came from human ingenuity emancipated from the bottom up, not human ingenuity directed from the top down. The true question is what on balance is the best way to organize innovation—by the “wise State” or by commercially tested betterment? The American Institute for Economic Research in Great Barrington, Massachusetts, was founded in 1933 as the first independent voice for sound economics in the United States. Today it publishes ongoing research, hosts educational programs, publishes books, sponsors interns and scholars, and is home to the world-renowned Bastiat Society and the highly respected Sound Money Project. The American Institute for Economic Research is a 501c3 public charity. The Adam Smith Institute is one of the world's leading think tanks, recognised as the best domestic and international economic policy think-tank in the UK and ranked 2nd in the world among Independent Think Tanks by the University of Pennsylvania. Independent, non-profit and non-partisan, the Adam Smith Institute works to promote free market, neoliberal ideas through research, publishing, media outreach, and education. The Institute is today at the forefront of making the case for free markets and a free society in the United Kingdom. The Institute was founded in the 1970s, as post-war socialism reached its high-watermark. Then, as now, its purpose was to educate the public about free markets and economic policy, and to inject sound ideas into the public debate. |
| creative destruction economics examples: The Rule of Three Jagdish Sheth, Rajendra Sisodia, 2002-05-14 Name any industry and more likely than not you will find that the three strongest, most efficient companies control 70 to 90 percent of the market. Here are just a few examples: McDonald's, Burger King, and Wendy's General Mills, Kellogg, and Post Nike, Adidas, and Reebok Bank of America, Chase Manhattan, and Banc One American, United, and Delta Merck, Johnson & Johnson, and Bristol-Myers Squibb Based on extensive studies of market forces, the distinguished business school strategists and corporate advisers Jagdish Sheth and Rajendra Sisodia show that natural competitive forces shape the vast majority of companies under the rule of three. This stunning new concept has powerful strategic implications for businesses large and small alike. Drawing on years of research covering hundreds of industries both local and global, The Rule of Three documents the evolution of markets into two complementary sectors -- generalists, which cater to a large, mainstream group of customers; and specialists, which satisfy the needs of customers at both the high and low ends of the market. Any company caught in the middle (the ditch) is likely to be swallowed up or destroyed. Sheth and Sisodia show how most markets resemble a shopping mall with specialty shops anchored by large stores. Drawing wisdom from these markets, The Rule of Three offers counterintuitive insights, with suggested strategies for the Big 3 players, as well as for mid-sized companies that may want to mount a challenge and for specialists striving to flourish in the shadow of industry giants. The book explains how to recognize signs of market disruptions that can result in serious reversals and upheavals for companies caught unprepared. Such disruptions include new technologies, regulatory shifts, innovations in distribution and packaging, demographic and cultural shifts, and venture capital as well as other forms of investor funding. Years in the making and sweeping in scope, The Rule of Three provides authoritative, research-based insights into market dynamics that no business manager should be without. |
| creative destruction economics examples: The Great Mental Models, Volume 1 Shane Parrish, Rhiannon Beaubien, 2024-10-15 Discover the essential thinking tools you’ve been missing with The Great Mental Models series by Shane Parrish, New York Times bestselling author and the mind behind the acclaimed Farnam Street blog and “The Knowledge Project” podcast. This first book in the series is your guide to learning the crucial thinking tools nobody ever taught you. Time and time again, great thinkers such as Charlie Munger and Warren Buffett have credited their success to mental models–representations of how something works that can scale onto other fields. Mastering a small number of mental models enables you to rapidly grasp new information, identify patterns others miss, and avoid the common mistakes that hold people back. The Great Mental Models: Volume 1, General Thinking Concepts shows you how making a few tiny changes in the way you think can deliver big results. Drawing on examples from history, business, art, and science, this book details nine of the most versatile, all-purpose mental models you can use right away to improve your decision making and productivity. This book will teach you how to: Avoid blind spots when looking at problems. Find non-obvious solutions. Anticipate and achieve desired outcomes. Play to your strengths, avoid your weaknesses, … and more. The Great Mental Models series demystifies once elusive concepts and illuminates rich knowledge that traditional education overlooks. This series is the most comprehensive and accessible guide on using mental models to better understand our world, solve problems, and gain an advantage. |
| creative destruction economics examples: The Future of Capitalism Paul Collier, 2018-12-04 Bill Gates's Five Books for Summer Reading 2019 From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century. |
| creative destruction economics examples: Doughnut Economics Kate Raworth, 2018-03-08 Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. |
| creative destruction economics examples: The Great Economists Linda Yueh, 2018-03-15 What can the ideas of history's greatest economists tell us about the most important issues of our time? 'The best place to start to learn about the very greatest economists of all time' Professor Tyler Cowen, author of The Complacent Class and The Great Stagnation ___________________________ Since the days of Adam Smith, economists have grappled with a series of familiar problems -- but often their ideas are hard to digest, before we even try to apply them to today's issues. Linda Yueh is renowned for her combination of erudition, as an accomplished economist herself, and accessibility, as a leading writer and broadcaster in this field; and in The Great Economists she explains the key thoughts of history's greatest economists, how their lives and times affected their ideas, how our lives have been influenced by their work, and how they could help with the policy challenges that we face today. In the light of current economic problems, and in particular economic growth, Yueh explores the thoughts of economists from Adam Smith and David Ricardo through Joan Robinson and Milton Friedman to Douglass North and Robert Solow. Along the way she asks, for example: what do the ideas of Karl Marx tell us about the likely future for the Chinese economy? How does the work of John Maynard Keynes, who argued for government spending to create full employment, help us think about state investment? And with globalization in trouble, what can we learn about handling Brexit and Trumpism? In one accessible volume, this expert new voice provides an overarching guide to the biggest questions of our time. The Great Economists includes: Adam Smith David Ricardo Karl Marx Alfred Marshall Irving Fisher John Maynard Keynes Joseph Schumpeter Friedrich Hayek Joan Robinson Milton Friedman Douglass North Robert Solow ___________________________ 'Economics students, like others, can learn a lot from this book' - Professor Paul Collier, author of The Bottom Billion 'Not only a great way to learn in an easily readable manner about some of the greatest economic influences of the past, but also a good way to test your own a priori assumptions about some of the big challenges of our time' - Lord Jim O'Neill, former Chairman at Goldman Sachs Asset Management, former UK Treasury Minister, and author of The Growth Map 'An extremely engaging survey of the lifetimes and ideas of the great thinkers of economic history' - Professor Kenneth Rogoff, author of The Curse of Cash and co-author of This Time is Different 'This book is a very readable introduction to the lives and thinking of the greats' - Professor Raghuram Rajan, former Governor of the Reserve Bank of India, and author of I Do What I Do and Fault Lines 'Read it not only to learn about the world's great economists, but also to see how consequential thought innovations can be, and have been' - Mohamed el-Erian, Chief Economic Adviser at Allianz, former CEO of PIMCO |
| creative destruction economics examples: Screen Production Research Craig Batty, Susan Kerrigan, 2017-12-19 Aimed at students and educators across all levels of Higher Education, this agenda-setting book defines what screen production research is and looks like—and by doing so celebrates creative practice as an important pursuit in the contemporary academic landscape. Drawing on the work of international experts as well as case studies from a range of forms and genres—including screenwriting, fiction filmmaking, documentary production and mobile media practice—the book is an essential guide for those interested in the rich relationship between theory and practice. It provides theories, models, tools and best practice examples that students and researchers can follow and expand upon in their own screen production projects. |
| creative destruction economics examples: Big Tech and the Digital Economy Nicolas Petit, 2020-07 This book asks a simple question: are the tech giants monopolies? In the current environment of suspicion towards the major technology companies as a result of concerns about their power and influence, it has become commonplace to talk of Google, Facebook, Amazon, Apple, Microsoft, or Netflix as the modern day version of the 19th century trusts. In turn, the tech giants are vilified for a whole range of monopoly harms towards consumers, workers and even the democratic process. In the US and the EU, antitrust, and regulatory reform is on the way. Using economics, business and management science as well legal reasoning, this book offers a new perspective on big tech. It builds a theory of moligopoly. The theory advances that the tech giants, or at least some of them, coexist both as monopolies and oligopoly firms that compete against each other in an environment of substantial uncertainty and economic dynamism. With this, the book assesses ongoing antitrust and regulatory policy efforts. It demonstrates that it is counterproductive to pursue policies that introduce more rivalry in moligopoly markets subject to technological discontinuities. And that non-economic harms like privacy violations, fake news, or hate speech are difficult issues that belong to the realm of regulation, not antimonopoly remediation. |
| creative destruction economics examples: Entrepreneurial State Mariana Mazzucato, 2015 List of Tables and Figures; List of Acronyms; Acknowledgements; Introduction: Thinking Big Again; Chapter 1: From Crisis Ideology to the Division of Innovative Labour; Chapter 2: Technology, Innovation and Growth; Chapter 3: Risk-Taking State: From 'De-risking' to 'Bring It On!'; Chapter 4: The US Entrepreneurial State; Chapter 5: The State behind the iPhone; Chapter 6: Pushing vs. Nudging the Green Industrial Revolution; Chapter 7: Wind and Solar Power: Government Success Stories and Technology in Crisis; Chapter 8: Risks and Rewards: From Rotten Apples to Symbiotic Ecosystems; Chapter 9: So. |
| creative destruction economics examples: Handbook on the Digital Creative Economy Ruth Towse, Christian Handka, 2013-12-27 Digital technologies have transformed the way many creative works are generated, disseminated and used. They have made cultural products more accessible, challenged established business models and the copyright system, and blurred the boundary between |
| creative destruction economics examples: A Model of Growth Through Creative Destruction Philippe Aghion, Peter Howitt, 1990 This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogenous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both positive and normative implications for growth. In positive terms, the prospect of a high level of research in the future can deter research today by threatening the fruits of that research with rapid obsolescence. In normative terms, obsolescence creates a negative externality from innovations, and hence a tendency for laissez-faire economies to generate too many innovations, i.e too much growth. This business-stealing effect is partly compensated by the fact that innovations tend to be too small under laissez-faire. The model possesses a unique balanced growth equilibrium in which the log of GNP follows a random walk with drift. The size of the drift is the average growth rate of the economy and it is endogenous to the model ; in particular it depends on the size and likelihood of innovations resulting from research and also on the degree of market power available to an innovator. |
| creative destruction economics examples: The Laws of Disruption Larry Downes, 2009-10-13 While digital life races ahead, the rest of our life, from law to business, struggles to keep up. Business strategists, lawyers, judges, regulators, and consumers have all been left behind, scratching their heads, frantically trying to figure out what they can and can't do. Some want to bring innovation to a standstill (or at least to slow it down) through lawsuits and regulation so they can catch their breath. Others forge madly ahead, legal consequences be damned. In The Laws of Disruption, Larry Downes, author of the best-selling Unleashing the Killer App, provides an invaluable guide for these confusing times, exploring nine critical areas in which technology is dramatically rewriting the rules of business and life. The Laws of Disruption will help business owners and managers understand not only how to avoid being blindsided by customer rebellion, but also how to benefit from it. It will teach lawyers, judges, and regulators when to keep their hands off the system and it will show consumers the consequences of their digital actions. In the gap created by the Law of Disruption, golden opportunities await those who move quickly. |
| creative destruction economics examples: Creative Construction Gary P. Pisano, 2019-01-15 This myth-busting book shows large companies can construct a strategy, system, and culture of innovation that creates sustained growth. Every company wants to grow, and the most proven way is through innovation. The conventional wisdom is that only disruptive, nimble startups can innovate; once a business gets bigger and more complex corporate arteriosclerosis sets in. Gary Pisano's remarkable research conducted over three decades, and his extraordinary on-the ground experience with big companies and fast-growing ones that have moved beyond the start-up stage, provides new thinking about how the scale of bigger companies can be leveraged for advantage in innovation. He begins with the simply reality that bigger companies are, well, different. Demanding that they be like Uber is no more realistic than commanding your dog to speak French. Bigger companies are complex. They need to sustain revenue streams from existing businesses, and deal with Wall Street's demands. These organizations require a different set of management practices and approaches -- a discipline focused on the strategies, systems and culture for taking their companies to the next level. Big can be beautiful, but it requires creative construction by leaders to avoid the creative destruction that is all-too-often the fate of too many. |
creative destruction - Massachusetts Institute of Technology
The process of Schumpeterian creative destruction (restructuring) permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, …
The Economics of Creative Destruction - Harvard University
Creative destruction is the vital energy of the “spirited horse” of capitalism. If we know how to tame it and steer its path, then it is possible to reconnect with shared prosperity while …
Creative Destruction or Destructive Creation? A Prelude to the ...
The institutions that fostered creative destruction are above all required to do two things: provide incentives for the inventors and entrepreneurs, and make sure that they had the technical and …
Microeconomic Evidence of Creative Destruction in Industrial …
We present evidence on the process of creative destruction in a selection of industrialized and developing economies. We focus on the distribution of firm size over time, the frequency and …
Barriers to Creative Destruction: Large Firms and …
Abstract: This working paper reviews recent empirical evidence on large firms and nonproductive strategies that hinder creative destruction and reallocation. The focus is on three types of …
CREATIVE DESTRUCTION, DISTANCE TO FRONTIER, AND …
Creative Destruction, Distance to Frontier, and Economic Development Michael Peters and Fabrizio Zilibotti NBER Working Paper No. 29333 October 2021 JEL No. O12,O4,O43 …
Nietzsche and Creative Destruction in Economics
Oct 24, 2001 · term ‘creative destruction’ was brought into economics not by Schumpeter but by Werner Sombart (1863-1941), the economist who was probably most influenced by Nietzsche. …
Creative Destruction and Finance: Evidence from the Last Half …
Several studies link creative destruction to economic growth. See Schumpeter (1912), Aghion and Howitt (1992, 1998, and 2006), Klette and Kortum (2004), Fogel, Morck, and Yeung (2008), …
MEASURING CREATIVE DESTRUCTION A S INDICATOR OF …
This paper will look to see how the presence of creative destruction affects GNI per capita levels around the world in order to see if a lack of creative destruction is a contributing reason for the …
Chapter 6 The Economics of Creative Destruction - Springer
Creative destruction refers to the never-ending product and process innovation method by which new production units replace outdated ones. Something is destroyed to create something new. …
Why Schumpeter was Right: Innovation, Market Power, and …
Waves of creative destruction characterized the “Industrial Revolution” of the 1920s—the decade of electrification, movies, the first transatlantic flight, and the Model T. If anything persuaded …
Creative Destruction in the development process - University …
They argue that creative destruc- tion is more important in more advanced countries, whereas in developing countries the adoption of existing technologies is the main driver of growth.
Creative Destruction, Finance, and Firm Dynamics - University …
New ideas are the engine of sustained economic growth, and the creative destruction that ensues in their wake is among the primary drivers of rm and industry dynamics. Sometimes, these new …
On the Timing and Efficiency of Creative Destruction
We analyze the timing, pace, and efficiency of ongoing job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to …
CREATIVE DESTRUCTION Economic Meaning of Technological …
Creative Destruction Economic Meaning of Technological Change Compiler Press © 2013 4 in new or improved capital goods. The concept was refined and extended by Marx and Engels …
Missing Growth from Creative Destruction - Scholars at Harvard
Using entering and exiting establishments to proxy for creative destruction, we estimate missing growth in U.S. Census data on non-farm businesses from 1983–2013.
The “Creative Destruction” in Economic and Political Institutions.
Why revisit the “Creative Destruction”. One of the analytical advantages brought by transaction costs economics has been to provide a general framework within one can consider all …
THE EFFECTS OF CREATIVE DESTRUCTION ON INDUSTRY …
Productivity and productivity growth have lately become central themes in the Finnish public discussion. The slowdown in productivity growth has been often associated with the growth of …
Coping with Creative Destruction: Reducing the Costs of Firm …
Creative destruction is a key feature of well-functioning economies. Over the long-run, productivity growth is sustained by leading firms’ experimentation with new ideas, the broad diffusion of
Enabling Creative Destruction - Universiteit Utrecht
In this article, we set out with a critique of existing industrial policy approaches and make a plea for a “backing challengers” industry policy, which enables the creation of innovative start-ups …
creative destruction - Massachusetts Institute of Technology
The process of Schumpeterian creative destruction (restructuring) permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, …
The Economics of Creative Destruction - Harvard University
Creative destruction is the vital energy of the “spirited horse” of capitalism. If we know how to tame it and steer its path, then it is possible to reconnect with shared prosperity while …
Creative Destruction or Destructive Creation? A Prelude to …
The institutions that fostered creative destruction are above all required to do two things: provide incentives for the inventors and entrepreneurs, and make sure that they had the technical and …
Microeconomic Evidence of Creative Destruction in Industrial …
We present evidence on the process of creative destruction in a selection of industrialized and developing economies. We focus on the distribution of firm size over time, the frequency and …
Barriers to Creative Destruction: Large Firms and …
Abstract: This working paper reviews recent empirical evidence on large firms and nonproductive strategies that hinder creative destruction and reallocation. The focus is on three types of …
CREATIVE DESTRUCTION, DISTANCE TO FRONTIER, …
Creative Destruction, Distance to Frontier, and Economic Development Michael Peters and Fabrizio Zilibotti NBER Working Paper No. 29333 October 2021 JEL No. O12,O4,O43 …
Nietzsche and Creative Destruction in Economics
Oct 24, 2001 · term ‘creative destruction’ was brought into economics not by Schumpeter but by Werner Sombart (1863-1941), the economist who was probably most influenced by Nietzsche. …
MEASURING CREATIVE DESTRUCTION A S INDICATOR …
This paper will look to see how the presence of creative destruction affects GNI per capita levels around the world in order to see if a lack of creative destruction is a contributing reason for the …
Creative Destruction and Finance: Evidence from the Last …
Several studies link creative destruction to economic growth. See Schumpeter (1912), Aghion and Howitt (1992, 1998, and 2006), Klette and Kortum (2004), Fogel, Morck, and Yeung (2008), …
Chapter 6 The Economics of Creative Destruction - Springer
Creative destruction refers to the never-ending product and process innovation method by which new production units replace outdated ones. Something is destroyed to create something new. …
Creative Destruction in the development process - University …
They argue that creative destruc- tion is more important in more advanced countries, whereas in developing countries the adoption of existing technologies is the main driver of growth.
Why Schumpeter was Right: Innovation, Market Power, and …
Waves of creative destruction characterized the “Industrial Revolution” of the 1920s—the decade of electrification, movies, the first transatlantic flight, and the Model T. If anything persuaded …
Creative Destruction, Finance, and Firm Dynamics
New ideas are the engine of sustained economic growth, and the creative destruction that ensues in their wake is among the primary drivers of rm and industry dynamics. Sometimes, these …
On the Timing and Efficiency of Creative Destruction
We analyze the timing, pace, and efficiency of ongoing job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to …
CREATIVE DESTRUCTION Economic Meaning of …
Creative Destruction Economic Meaning of Technological Change Compiler Press © 2013 4 in new or improved capital goods. The concept was refined and extended by Marx and Engels …
Missing Growth from Creative Destruction - Scholars at Harvard
Using entering and exiting establishments to proxy for creative destruction, we estimate missing growth in U.S. Census data on non-farm businesses from 1983–2013.
THE EFFECTS OF CREATIVE DESTRUCTION ON …
Productivity and productivity growth have lately become central themes in the Finnish public discussion. The slowdown in productivity growth has been often associated with the growth of …
The “Creative Destruction” in Economic and Political …
Why revisit the “Creative Destruction”. One of the analytical advantages brought by transaction costs economics has been to provide a general framework within one can consider all …
Coping with Creative Destruction: Reducing the Costs of …
Creative destruction is a key feature of well-functioning economies. Over the long-run, productivity growth is sustained by leading firms’ experimentation with new ideas, the broad diffusion of
Enabling Creative Destruction - Universiteit Utrecht
In this article, we set out with a critique of existing industrial policy approaches and make a plea for a “backing challengers” industry policy, which enables the creation of innovative start-ups …
