For sure, this has prevented and/or reduced recessions in the intervening period, but has stifled the best possibility of innovation in the west, especially here in FIFOstan.
Anyway a definition of creative destruction, with the help of GPTwokechat:
Austrian Economics: Creative Destrucrion
Creative destruction is a term coined by the economist Joseph Schumpeter, who was influenced by Austrian economics. According to Schumpeter, creative destruction refers to the process of replacing old and inefficient economic structures with new and more efficient ones through entrepreneurship and innovation. This process drives economic growth and development by constantly introducing new products, new production methods, and new forms of organization.
In Austrian economics, creative destruction is seen as a key driver of market competition and a key factor in promoting innovation and progress. Austrian economists believe that the market economy, through the process of creative destruction, is able to allocate resources more efficiently than any central authority could. By allowing entrepreneurs to innovate, the market encourages new and better products to be developed, leading to increased productivity and living standards.
However, this process is not without costs, as it can result in the displacement of workers, the closure of businesses, and economic turbulence. Austrian economists believe that these costs are temporary and that the benefits of creative destruction, such as increased efficiency, innovation, and economic growth, outweigh the costs in the long run.
In summary, creative destruction is an important concept in Austrian economics that refers to the process of economic change and progress through innovation and entrepreneurship, and it is seen as a key driver of market competition, resource allocation, and economic growth.
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