Coined by economist Joseph Schumpeter, the term “creative destruction” describes the capitalistic process at work in a functioning free-market system. Motivated by personal incentives (including but not limited to financial profit), entrepreneurs will push to best one another in a never-ending game of creative one-upmanship, in the process destroying old ideas and replacing them with newer technology. Beware getting left behind. – Shane Parrish
Competing: “Process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” (related: Software is Eating the World — “in many industries, new software ideas will result in the rise of new Silicon Valley-style start-ups that invade existing industries with impunity.”) – Gabriel Weinberg
Source:
Shane Parrish’s Farnam Street Mental Model Guide
https://www.farnamstreetblog.com/mental-models/
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Gabriel Weinberg’s Mental Models I Find Repeatedly Useful
https://medium.com/@yegg/mental-models-i-find-repeatedly-useful-936f1cc405d
