In economics, creative destruction (German: schöpferische Zerstörung) is a process in which new innovations replace and make older innovations obsolete. The concept is usually identified with the economist Joseph Schumpeter, who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle.
In economics, creative destruction (German: schöpferische Zerstörung) is a process in which new innovations replace and make older innovations obsolete. The concept is usually identified with the economist Joseph Schumpeter, who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle.
Source: Wikipedia "Creative destruction" · CC BY-SA 4.0
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