Generative AI and ‘Creative Destruction’

In his book ‘Capitalism, Socialism, and Democracy’, Joseph Schumpeter argues that capitalism is ever-changing as new innovations create new markets and rendering existing ones obsolete over time, thus ‘destructing’ them . This process was described by Schumpeter as ‘creative destruction’. Here are a few examples of creative destruction: Smartphones replacing MP3 players which replaced CD…… Continue reading Generative AI and ‘Creative Destruction’