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Opinion: ‘Innovationists’ must make changes

URL: http://www.jewishjournal.com/opinion/article/opinion_innovationists_must_make_changes_20110725

The Austrian economist Joseph Schumpeter argued famously that the forces of “creative destruction” unleashed by capitalist economies were largely positive, as they favored the best innovations. Just as the mom-and-pop video store was destroyed by Blockbuster and Blockbuster now finds itself made largely obsolete by Netflix, capitalism perpetually lays low old orders, replacing them with more efficient ones better able to take advantage of new technologies.

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