“Save Our Jobs” From “Creative Destruction”

Does free market capitalism destroy jobs? Yes! The free market replaces jobs that it previously created with more productive ways of doing the same thing.  Joseph Schumpeter coined the phrase “creative destruction” to describe the dynamism and innovation that is unleashed under free market capitalism. Put another way the free market creatively replaces unproductive jobs with more productive jobs.

Think milkmen, blacksmiths, paperboys, along with cassette tape, vinyl record, and typewriter manufacturers. News papers and book stores. Think taxi cartel vs. Uber.

This 1 minute and 38 second parody, gives us an understanding of “creative destruction” that an economist could only dream of achieving in thousands of written words.


Excerpt from the video, “If we don’t stop progress how will anyone ever have jobs?


Related Article“CAR WARS” Return Of The Jitneys, at austrianaddict.com.

Related ArticleGovernment Intervention Stifles Real Job Creation, at austrianaddict.com.

Explore posts in the same categories: Econ. 101

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