Posted tagged ‘Unproductive Jobs’

“Save Our Jobs” From “Creative Destruction”

December 17, 2015

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.

COALITION OF OBSOLETE INDUSTRIES

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

 

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