Here's a very interesting paper by Philippe Aghion, Ufuk Akcigit, Angus Deaton, and Alexandra Roulet, titled "Creative Destruction and Subjective Well-Being" (April 7, 2014, http://isites.harvard.edu/fs/docs/icb.topic1259555.files/Papers%20Spring%202014/AGHION%20April%202014.pdf)The paper looks at "the effect of Schumpeterian creative destruction on subjective well-being. We
By George Kesarios:Joseph Schumpeter was an Austrian-American economist and is considered to be one of the most influential economists of the 20th century. Schumpeter is credited with popularizing the term "creative destruction" in economics.
By David Knox Barker:In "Capitalism, Socialism and Democracy," Joseph Schumpeter coined the term "Creative Destruction" to explain the capitalist process of innovation. Innovation is continually disrupting and transforming companies, industries and entire global economies built on the demands, risks and rewards of international free market capitalism.
This post Does “Creative Destruction” Include the State? appeared first on Daily Reckoning.
When do we get to exercise democracy and fire every factotum, apparatchik, toady and lackey in the state who has abused his/her authority?
Everyone lauds “creative destruction” when it shreds monopolies and disrupts private enterprise “business as usual.”
There is one persistent question in economics relating to the issues of aggregate income attained in the economies: the connection between that income and happiness. In other words, does higher per capita GDP or GDP growth increase happiness?
Cullen Roche submits: Joseph Schumpeter is famous for coining the phrase “creative destruction”. He described it as a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” This is a necessary component of capitalism. The strong survive and the weak die.
Businesses can avoid creative destruction. Leaders, and investors, need to pay more attention to trends and invest in market shifts rather than trying to defend and extend outdated businesses. Creative destruction is not an investment philosophy, nor an inevitable outcome. Any business can grow if it focuses externally and makes the right investment decisions.
Rochester-based Eastman Kodak has been around since 1894, and was a blue-chip Dow Jones Industrial Average stock from 1930-2004. The company has been on the annual Fortune 500 list of America's largest companies every year since the rankings started in 1955. But the company hasn't turned a profit since 2007, and is now on the verge of filing for bankruptcy, according to an article in today's Wall Street Journal.
Recently, the rise of digital cameras put a lot of firms in the film and film-development trade out of business. But now it seems that smartphones are killing the market for point-and-shoot digital cameras.