What are examples of creative destruction
|Joseph Alois Schumpeter|
creative destruction.The Austrian economist and social scientist lived from 1883 to 1950. He was a professor from 1909, among others in Graz (1911 to 1919), Bonn (1925 to 1932) and from 1932 at Harvard University (USA). Schumpeter developed a theory of the economic development of the capitalist economic system, which he explained in terms of internal economic changes. These changes are based primarily on "dynamic entrepreneurs" who implement innovations, achieve pioneering profits and bring about an economic upswing. This process of "creative destruction" enables growth and technical progress. Schumpeter thus made an important contribution to business cycle theory. But he also feared the end of capitalism, since the innovative process would weaken mainly through bureaucratisation in companies and an increased role for the state. Schumpeter is considered one of the most influential economists of the 20th century.
Duden Wirtschaft from A to Z: Basic knowledge for school and study, work and everyday life. 6th edition. Mannheim: Bibliographisches Institut 2016. Licensed edition Bonn: Federal Agency for Civic Education 2016.
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