Creative Destruction: Technology and Trade (episode 2)

Creative destruction is one of the most important concepts of economics. Creative destruction is the continual process of innovation in which new products and services replace outdated ones.

This is a boon for consumers—that's the creative part—but many are also left behind—that's the destruction. When a new innovation comes onto the market, consumers benefit, but the old companies that don't keep up may go under, taking the people they employ with them.

Tyler Cowen and Ian Bremmer break down the consequences on both sides of the coin, and explain why creative destruction is ultimately a good thing. Along the way, we encounter Jaws and movie theaters, Kodak, Polaroid, photo apps, rose farming, tractors, Apple technology, and more!

In the next video, they'll specifically examine whether there are "winners and losers" in globalization.

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About the series:
Globalization and Robots: The Future of Work
Globalization and robots dominate the discussion of jobs, politics, and more. We’re donning our scuba gear and diving in deep to better understand where the economy is going, how students should navigate it, and how these forces shape our society.

A topic of this magnitude requires a bit more firepower than usual. That’s why we’ve partnered with the Institute for Global Affairs and enlisted two intellectual wizards to help us out: Ian Bremmer, expert political scientist, bestselling author, and Twitter extraordinaire; and MRU’s own Tyler Cowen, expert economist, bestselling author, and iron man of blogging. They’ll lead you on a rollicking adventure that explores the rise of the Avengers, the fall of Kodak, and a graph so famous it has its own mascot!