Schumpeter

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August 31, 2024 5 min read Definitions
Creative Destruction: A Model of Economic Growth
Economics Innovation Economic Growth Innovation Schumpeter Endogenous Growth Technological Change
An in-depth exploration of Creative Destruction, an economic model driven by quality-improving innovations that make old technologies or products obsolete. This concept, introduced by Schumpeter in the 1930s, highlights the cyclical nature of innovation and stagnation influenced by vested interests in old technologies.
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