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To: S100 who wrote (97748)	4/20/2001 12:01:47 AM
From: Dennis O'Bell	Respond to of 152472

This process of Creative Destruction is the essential fact about capitalism - Joseph Schumpeter I was indeed referring to his book "Capitalism, Socialism and Democracy" rather than the popular cliche. The mere fact that he was a critic of Marx and Keynes already makes him worth reading, LOL! :-)

To: S100 who wrote (97748)	4/20/2001 7:14:59 AM
From: Maurice Winn	Respond to of 152472

"Creative Destruction" is just an attention-getting way of saying "obsolescence". "There is a perennial process of obsolescence" is more accurate. There's no destruction unless the capital invested didn't get a good return on investment, but that capital destruction is not a good process. It's just like entropy = part of the unfortunate cost of having a go at stuff when there is no guaranteed outcome. 'Creative Destruction' is a bit like people say war is 'economically productive'. Which is absurd. Hiroshima, Tokyo, London, Dresden, ships sunk everywhere and millions dead and maimed is NOT productive. Yes, it's an ill wind that blows nobody good and some good technologies were developed, but that doesn't mean the process can be called productive overall. Especially compared with putting all those efforts into developing technology for productive purposes. Maybe I'm being pedantic. But that's okay by me. GSM has been economically productive but it will be obsolete. There is no destruction in that process. Globalstar and Iridium involved large scale capital destruction and that was NOT creative. Thanks for the links. Mqurice