Daron Acemoğlu Quote
Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction. They replace the old with the new. New sectors attract resources away from old ones. New firms take business away from established ones. New technologies make existing skills and machines obsolete. The process of economic growth and the inclusive institutions upon which it is based create losers as well as winners in the political arena and in the economic marketplace. Fear of creative destruction is often at the root of the opposition to inclusive economic and political institutions.
Daron Acemoğlu
Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction. They replace the old with the new. New sectors attract resources away from old ones. New firms take business away from established ones. New technologies make existing skills and machines obsolete. The process of economic growth and the inclusive institutions upon which it is based create losers as well as winners in the political arena and in the economic marketplace. Fear of creative destruction is often at the root of the opposition to inclusive economic and political institutions.
Related Quotes
Your traditional EDUCATION is not going to CHANGE your life but the life you are experiencing that can change you. Choose a POSITIVE life STYLE with positive ATTITUDE which could bring you a life with...
Rashedur Ryan Rahman
Tags:
attitude, business, communication, dreams, faith, finance, happiness, hope, inspirational, knowledge