Joseph Schumpeter podcast

This is from Economics in Ten podcast, season three, episode three. Schumpeter gave us ‘creative destruction’: the idea that capitalism advances through waves of innovation that destroy old industries while creating new ones, and that this process of disruption is the engine of long-run growth. He was also an early theorist of entrepreneurship and the role of the innovator. The creative destruction concept is increasingly useful in teaching on dynamic efficiency, competition policy, and economic growth, and it’s one of those ideas students tend to find genuinely illuminating. Goes slightly beyond standard spec in places, but the dynamic efficiency and creative destruction content is accessible and directly relevant to market structure and growth topics.  Listen here