Creative Destruction

[David Morris]

This term is flying through political blogs lately in reference to
Romney's Bain Capitol leadership.  I hadn't heard of it before, but it
seems a concept that is central to much of TRP's concerns.  I'm
susrpised I've never seen in in his books.  Have I just missed it?

http://www.econlib.org/library/Enc/CreativeDestruction.html

"Herein lies the paradox of progress. A society cannot reap the
rewards of creative destruction without accepting that some
individuals might be worse off, not just in the short term, but
perhaps forever. At the same time, attempts to soften the harsher
aspects of creative destruction by trying to preserve jobs or protect
industries will lead to stagnation and decline, short-circuiting the
march of progress. Schumpeter’s enduring term reminds us that
capitalism’s pain and gain are inextricably linked. The process of
creating new industries does not go forward without sweeping away the
preexisting order."