Description:
What is creative destruction? Creative destruction, what the economist Joseph Schumpeter called "the essential fact about capitalism," describes change or disruption in the economy caused by innovations that replace traditional technologies and practices. Creative destruction is a force so powerful that it has not only shaped economies but also politics, culture, and social relations. In clear and accessible prose, Dalton and Logan illustrate the nature and varieties of creative destruction, how it is central to innovation and entrepreneurship, and why it is important for economic growth. With in-depth case studies of how Netflix challenged and displaced Blockbuster, and how Uber and other ride-sharing companies are disrupting traditional taxi services, this book examines how economies, societies, and cultures change due to the innovation and experimentation that is central to the prosperity of free societies.
Brief description: John T. Dalton is an associate professor of economics at Wake Forest University in North Carolina. Dalton has been a visiting scholar at the Kiel Institute for the World Economy, the Chinese University of Hong Kong, and the Institute for Empirical Macroeconomics at the Federal Reserve Bank of Minneapolis.