When new technology eliminates existing jobs but simultaneously creates jobs making new and better products elsewhere in the economy,economists refer to this situation as

Question

Quizplus · Accepted Answer

This situation is known as "creative destruction," which is when new innovations replace old technologies and jobs, but also create new job opportunities in other areas. This term was coined by economist Joseph Schumpeter to describe the process of capitalism and the constant renewal and evolution of economies over time.

When New Technology Eliminates Existing Jobs but Simultaneously Creates Jobs