Do you think creative destruction is still happening at the scale needed (for now, let’s exclude the future impact of AI) to advance society, or are governments around the world protecting entities to avoid mass layoffs, which in turn impact growth?
It depends what's meant by growth. The word growth is generally aligned with size/numbers/speed - that could be cancer too. Natural growth is cyclical (which might fit Schumpeter's 'creative destruction') - but if it creates social unrest, does it qualify as real 'growth', let alone 'progress'? It used to be that the word 'growth' by definition meant 'sustainable growth" (otherwise it was parasitic growth that killed its host).
I reckon every new technology, especially the big-noise surrounding AI, should be contextualised by the Club of Rome's "Limits to Growth" (1972), [and regularly updated since].
True. I am only talking about economic growth. Creative destruction has slowed down if it is how we think that creative destruction should work. I do not want people to lose jobs, but sometimes it is suitable for a company to die for something new to take over. Since 2008, I have seen a lot more government involvement in who will survive and who will not. Only over time will we know whether it was the right thing to do.
Do you think creative destruction is still happening at the scale needed (for now, let’s exclude the future impact of AI) to advance society, or are governments around the world protecting entities to avoid mass layoffs, which in turn impact growth?
It depends what's meant by growth. The word growth is generally aligned with size/numbers/speed - that could be cancer too. Natural growth is cyclical (which might fit Schumpeter's 'creative destruction') - but if it creates social unrest, does it qualify as real 'growth', let alone 'progress'? It used to be that the word 'growth' by definition meant 'sustainable growth" (otherwise it was parasitic growth that killed its host).
I reckon every new technology, especially the big-noise surrounding AI, should be contextualised by the Club of Rome's "Limits to Growth" (1972), [and regularly updated since].
( For a discussion on 'growth', see: https://veronikabondsymbiopaedia.substack.com/p/the-metamorphosis-of-growth-part?utm_source=post-email-title&publication_id=1988887&post_id=152655876&utm_campaign=email-post-title&isFreemail=true&r=33iv10&triedRedirect=true&utm_medium=email )
True. I am only talking about economic growth. Creative destruction has slowed down if it is how we think that creative destruction should work. I do not want people to lose jobs, but sometimes it is suitable for a company to die for something new to take over. Since 2008, I have seen a lot more government involvement in who will survive and who will not. Only over time will we know whether it was the right thing to do.