creative destruction meaning

• [Economics]
  The effect of technical progress in one part of the economy in lowering the value of existing capital in other parts. If a new good displaces demand for an old one, the capital used in making the old good may become worthless; if a new method of production has lower costs even including any necessary capital costs than the variable costs of producing on old equipment, the price of the product is likely to fall so far that operating the old machines becomes uneconomic. This destroys the livelihood of the owners of old equipment. If they had anticipated this they might never have invested in the industry. In general, the fear of losses though creative destruction forces firms to write off capital goods faster than they are expected to wear out, and discourages investment in equipment which is not expected to pay for itself fairly quickly. Technical progress creates similar problems for human capital: new products and techniques may make old skills worthless and cause technological unemployment.
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  [Finance]
  A term coined by Joseph Schumpeter in his work entitled "Capitalism, Socialism and Democracy" (1942) to denote a "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."

• Only by allowing the “ winds of creative destruction ” to blow freely could capital be released from dying firms to new industries
• Enterprisers are innovators, by whom manpower capitals, material capitals, and social capitals are combined to be engaged in " creative destruction"
• The economist Joseph Schumpeter wrote about the creative destruction of capitalism.
• McKinsey consultants published " Creative Destruction " in 2001.
• Economist Joseph Schumpeter termed this churning " creative destruction ."
• The outline spoke of " creative destruction,"
• The model of today is a scene of creative destruction.
• If you are a stock investor you can diversify against creative destruction.
• Creative destruction happens faster here than in any other place,
• There is no sector that illustrates creative destruction so effectively,

• "creative destruction" meaning in Chinese: 创造性的破坏
• "creative destruction" meaning in Japanese: 創造的破壊
• "creative destruction" meaning in Russian: Созидательное разрушение