A system that serves the few at the cost of impairing the real economy

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A system that serves the few at the cost of...
 © CyprusMail 2020
By Savvakis C Savvides

The political scientist Joseph Schumpeter put forward the concept of ‘creative destruction’ which has become core in neoclassical economic thinking. It is argued that destruction is the essential and necessary fact about capitalism. The idea is that through a process of destruction the old gets replaced by the new and this serves economic development and social welfare.

Let me start by saying that there is no such thing as ‘ creative destruction’ . Destruction is always destructive . There is nothing creative about it. There...


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This article was automatically added to our system 15-12-2019

A system that serves the few at the cost of impairing the real economy


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Article Tags: system, serves, impairing, economy,