Creative destruction harms workers in activities that become obsolete or inefficient.

Question

Quizplus · Accepted Answer

Creative destruction is the process by which new technology or economic activity replaces older or less efficient methods. This can lead to job losses and unemployment for workers involved in the obsolete or inefficient activities. However, it can also create opportunities for new jobs and growth in other sectors of the economy.

Creative Destruction Harms Workers in Activities That Become Obsolete or Inefficient