Creative Destruction

I’ve been a fan of Niall Ferguson for some time. I wish I could have heard his speech, but I’ll have to settle for these notes. His comments on creative destruction are particularly relevant to the current debate regarding the Wee Three (formerly known as the Big Three).

I remember when the last large US vacuum tube plant closed in Owensboro Kentucky. Some local politicians favored protecting the plant and the many jobs by taxing transistors. That’s not progress, that’s not creative destruction. Creative destruction is progress.

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