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Feb 20, 2023 · The term was coined in the early 1940s by economist Joseph Schumpeter, who observed real-life examples of creative destruction, such as Henry Ford’s assembly line.
Joseph Schumpeter (1883–1950) coined the seemingly paradoxical term “creative destruction,” and generations of economists have adopted it as a shorthand description of the free market ’s messy way of delivering progress.
Jan 1, 2017 · Schumpeter argues that the relevant problem is how capitalism creates and destroys these structures (Metcalfe 1998). Schumpeter’s conception of creative destruction overturns the idea that price competition is the only component of the market behaviour of entrepreneurs.
Oct 24, 2020 · This entry introduces Schumpeter’s philosophy as well as his theoretical construct of creative destruction. He is often credited for starting modern growth theory that is based on the inevitable by-product of the process of development and innovation.
- christopher.ziemnowicz@uncp.edu
The term “creative destruction”, while sometimes attributed to Schumpeter, was actually first used by a German economist and sociologist named Werner Sombart, in his 1913 book, War and Capitalism .
Jan 13, 2020 · Joseph A. Schumpeter is identified with two related ideas, the notion of the innovative entrepreneur and the imagery of the competitive market as a process of creative destruction.
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Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. It was coined by Joseph Schumpeter (1942), who considered it‘the essential fact about capitalism ’.
