Creative destruction entails both costs as well as benefits to society.

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Creative destruction, a concept in economics introduced by Joseph Schumpeter, refers to the process by which new innovations lead to the demise of older industries and economic structures, thereby fostering new growth and advancements. While it generates benefits such as technological progress and economic development, it also incurs costs including job losses and the obsolescence of skills and industries, affecting different parts of society in various ways.

Creative Destruction Entails Both Costs as Well as Benefits to Society