Creative Destruction, Technological Unemployment and Choice

Creative destruction has become again, a popular term to explain the dislocation of workers in western labor markets. Although first coined by Karl Marx to describe how capitalism would be destroyed by the bourgeois, Joseph Schumpeter (1883-1950), an Austrian economist, (not part of the Mengarian Austrian Economic School) modified the meaning to be understood as the…

Are Disasters Good for the Economy?

Having family in tornado stricken Oklahoma is an uneasy trial this time of year. With the recent Shawnee and Moore, OK tornadoes reminded us in Georgia how precious our family relationships really are. Both my wife and I have had first hand experience with tornadoes and their lasting devastation. As the media reports on the…