Creative Destruction

by Don Boudreaux on April 24, 2009

in Complexity and Emergence

What happens when firms and industries disappear in economies reasonably free?  Here's some insight from a report yesterday on NPR.  (HT to my dear friend, and fashionista, Betsy.)

And I chip in here with my own complementary account from a few years ago.

Comments    Share Share    Print Print    Email Email

  • Big Al

    Diversification is another benefit that Michigan reaps when new industries arise to use the resources freed up by the shrinking auto producers. In the long run, government life-support for the auto-giants victimize states like Michigan which have lacked the diversification needed to moderate economic highs and lows.

  • Floccina

    I think that if we had let the big investment banks go bankrupt that they owuld have been replaced by something much better.

  • Daniel Kuehn

    I love Schumpeter :)

    Thanks Don!

  • Crusader

    This essay posted earlier by Me Thinks is a must read for anyone thinking that socialism is the way to go:


    http://mises.org/story/3105


    What a nightmare the Soviet Union was.

  • Don Boudreaux

    vidyohs,


    Thanks!


    Don

  • vidyohs

    Even though I may not always be marching in lock step with you, Don. It is things like this, valuable ways of thinking and making points, that keep me coming back.


    Of course it doesn't hurt to have a host of intelligent and energetic people commenting as well, sauce on the side so to speak.

  • BoscoH

    I liked how the GM building was turned into storage for human tissue. Who would have guessed? It sounds more meaningful and valuable than one of the nebulous "green" jobs that Obama has promised.

blog comments powered by Disqus

Previous post:

Next post: