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→In economics
==In economics==
==In economics==
Creative destruction is the force through which new innovations (or old innovations after conditions change) topple entrenched interests. While there is an amount of destruction (it is very rare to find a buggy whip manufacturer) the increased efficiency leads to increased resources, and the benefits far outweigh the costs. Creative destruction is a major component of the [[invisible hand]] and interfering with creative destruction lead to development of [[Value negative firms]] and the death by ignorance experienced by the soviet union.
Creative destruction is the force through which new innovations (or old innovations after conditions change) topple entrenched interests. While there is an amount of destruction (it is very rare to find a buggy whip manufacturer) the increased efficiency leads to increased resources, and the benefits far outweigh the costs. Creative destruction is a major component of the [[invisible hand]] and interfering with creative destruction lead to development of [[Value negative firms]] and the death by ignorance experienced by the [[Soviet Union]].
[[Joseph Schumpeter]] who invented the term famously described how capitalist production affected the lives of ordinary people in contrast to [[Marxist]] theory;
{{Quotebox|"There are no doubt some things available to the
modern workman that [[Louis XIV]] himself would have been delighted to have yet was unable to have—modern dentistry for instance. On the whole, however, a budget on that level had little that really mattered to gain from capitalist achievement. Even speed of traveling may be assumed to have been a minor consideration for so very dignified a gentleman. Electric lighting is no great boon to anyone who has money enough to buy a sufficient number of candles and to pay servants to attend to them. It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen
Elizabeth owned silk stockings. The capitalist achievement does not
typically consist in providing more silk stockings for queens but in bringing them within the reach of factory girls in return for steadily decreasing amounts of effort.}}
==External links==
==External links==