Joseph Schumpeter’s birthday today. The coiner of the failure embracing oxymoron “Creative Destruction”. The volcano eruption that creates a new island. The typhoon that carves a new coastline. The river that gouges a canyon. The broken eggs that make the omelette.
Wired did a piece on his concepts a while back titled “The Father of Creative Destruction”…
- “Schumpeter argued that capitalism exists in the state of ferment he dubbed ‘creative destruction,’ with spurts of innovation destroying established enterprises and yielding new ones. This view seems far more current than Smith’s Newtonian notion of an ‘invisible hand’ generating stability in the marketplace. Smith was a conceptual breakthrough for Europe, but he didn’t say much about bone-jarring technological shifts or the crucial role of entrepreneurship.”
A more modern variant is “Disruptive Innovation” which is often the cornerstone of any breakthrough business or society changing advance.