Creative destruction ultimately raises living standards.

Question

Quizplus · Accepted Answer

Creative destruction, which occurs when new innovations replace older technologies and ways of doing things, can lead to temporary job losses and initial hardships for workers in affected industries. However, it also spurs economic growth, drives productivity, and fuels innovation. Over time, the new technologies and industries that emerge from creative destruction can raise living standards by providing consumers with better products and services at lower prices, creating new job opportunities, and improving overall economic efficiency.

Creative Destruction Ultimately Raises Living Standards