JOSEPH SCHUMPETER gave the name “creative destruction” to the process by which new and innovative firms displace stodgy ones, thereby driving long-run economic growth. The Schumpeterian sort of economic reinvention is out of fashion at the moment. Unhappy workers are casting their lot with populist politicians, who are in turn looking to rein in the disruption caused by everyone from tech unicorns in Silicon Valley to sellers of cut-price steel in China. Economists understandably worry that this backlash will lead to sweeping new regulations, taxes and protections for firms and workers. But red tape and tax are not the […]
Full Post at www.economist.com