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creative destruction
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creative destruction

Creative destruction is seen in the 10 to 20% of companies that fall from the S&P 500 each 2 years.
  the process in which old industries are put out of business by newer industries in a competitive market
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For example, iPods and MP3 players have largely displaced compact disc players.

Creative destruction is the major source of increased economic well-being. It also adds to increased uncertainty, disruption, and for some people, painful economic loss. Few travel agents became computer programmers when people started using the Internet to book their vacations.

Accordingly, most countries sacrifice some broadly dispersed benefits for a reduction in competitive stress. Politicians must overcome short-term thinking and uneven interest group pressure, to find the right balance.
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  • Creative destruction is seen in the 10 to 20% of companies that fall from the S&P 500 each 2 years.
  • Venice, I realized, is the antithesis of creative destruction. It exists to conserve and appreciate a past, not create a future.
    Alan Greenspan  --  The Age of Turbulence
  • Capitalism expands wealth primarily through creative destruction — the process by which the cash flow from obsolescent, low-return capital coupled with new savings is invested in high-return, cutting-edge technologies.
    Alan Greenspan  --  The Age of Turbulence
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Associated words [difficulty]:   creative destruction , black market [3] , public goods [5]
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Most commonly used in these subjects:   Public Policy & Politics, Business, Engineering, Personal Finance
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