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The great economist Joseph Schumpeter coined the term “creative destruction” to describe the process by which innovation (which might be technological or organizational—the latter illustrated by the invention of the supermarket) promotes economic growth and welfare but at the cost of wiping out existing economic practices or institutions. He thought the process of creative destruction a more important factor in promoting economic welfare than reducing the costs of existing production or improving existing products. We are seeing creative destruction at work in the information sector because of the digital revolution, which among its other effects has had destructive effects on... Continue »