What is the defining characteristic of capitalism? Some say profit. Others, private ownership. Still others, rapacity. Considering that capitalism may have begun as early as the 16 th century, in ...

Policymakers shaping America’s coal policy can learn something important from the 2025 economics Nobel Prize winners about creative destruction, the process by which new technologies replace older ...

Creative destruction has the innate ability to impact the future of your business. Of the many things that can bring about the end of a business, few can be more lethal than stagnation — not changing ...

When drastic disruptions bring new political leaders, policymakers respond with major changes. We’re living in such a time, even if it’s not clear how much a pandemic, rampant inflation, international ...

Defensive hiring of researchers by incumbent firms with monopsony power reduces creative destruction. This mechanism helps explain the simultaneous rise in R&D spending and decline in TFP growth in ...

The National Center for Education Statistics reports that 99 postsecondary schools shut down this past academic year, roughly two per week. What the great economist Joseph Schumpeter called “creative ...

The Nobel Prize in economics was awarded to a trio of researchers Monday for their work on how cycles of technological innovation feed economic growth. Joel Mokyr of Northwestern University, Peter ...

Policymakers shaping America's coal policy can learn something important from the 2025 economics Nobel Prize winners about creative destruction, the process by which new technologies replace older ...