To survive, even the most successful companies have to be willing to quickly dispense with yesterday’s winning business plan
It’s not BlackBerry’s fault the Apple iPhone has become the go-to smartphone for consumers worldwide.
This post by Sarah Skwire originally appeared on the Foundation for Economic Education on October 14th, 2015. Below is an excerpt. The disappearance of full nudity from Playboy magazine is, in other words, a perfect example of Schumpeter’s concept of creative destruction. Schumpeter wrote that the “essential fact about capitalism” is creative destruction — the […]