Has “Creative Destruction” Reached Silicon Valley? The Capitalism Trap.

Unf*cking The Republic

UNFTR Media

Government, News, Politics

4.9 • 683 Ratings

🗓️ 25 March 2023

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Silicon Valley is in a slump. For all the talk about innovation, there’s a real question as to whether the U.S. tech sector is really all that innovative. Today’s episode digs into this question through the lens of a concept called “Creative Destruction,” a term coined by famed economist Joseph Schumpeter.

Chapters

Intro: 00:00:04

Chapter One: What is Creative Destruction? 00:05:37

Chapter Two: Innovation or Iteration? 00:11:59

Chapter Three: The so-called disruptors. 00:17:45

Bring it home, Max. 00:24:42

Post Show Musings: 00:27:18

Book Love: 00:28:03

Outro: 00:37:03

Resources

TechCrunch: Is Silicon Valley really losing its crown?

The Guardian: The disruption con: why big tech’s favourite buzzword is nonsense

FRED Economic Data: Federal Funds Effective Rate (FEDFUNDS)

Book Love

Joseph A. Schumpeter: Capitalism, Socialism, and Democracy

Philippe Aghion: The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

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Transcript

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0:00.0	UNFDR.
0:05.0	Does chat GPT represent a breakthrough that will spawn new businesses or is it more of a gimmick?
0:10.0	SBB, the 16th largest bank in the US with $175 billion in deposits, is now the biggest American bank to fail since the 2008 financial crisis.
0:20.0	It's not just 10,000 jobs being cut, but META is also scrapping the 5,000 open roles that
0:26.5	they were advertising for. And you go really quickly to the question of why, right? And then in
0:33.2	their buried and in the regulatory filing is they've lowered their expenses forecast for this
0:37.8	year to a range of $86 to $92 billion.
0:41.4	So clearly they needed to go deeper to reduce that cash burn and spend while the world
0:47.0	around them changes.
0:52.6	Listen to us talk. We're a world-renowned, download our podcast, where you will consume all the doom and gloom from 99 and max.
1:09.0	Many sound design
1:11.0	Always inspires to your heart's desire
1:15.0	Hey man, you know there's nothing that we lack
1:18.1	Past your ears into your mind
1:20.4	Through the heart, all the facts
1:25.1	On your podcasting app Comes a basic white man with a rusty microphone in his red right hand.
1:38.5	Unfucking the Republic is brought to you by over-cffeinated members, Alfian Flash, Awesome A, Asshole, Brex, Cindy S, David M.J., Eric Wagner 101, Goat, G. Wookie of Ohio, Joa, Cringy, Marco F., Maria from PR, Matthew, and Michelle H.
2:02.5	We begin today with a quote from the great economist Joseph Schumpeter, who's credited with
2:07.6	coining the term creative destruction to describe the effective innovation on legacy industries
2:12.6	and technology. Here to bring us in his friend and mentor of the show, the one and only,
2:18.9	Jay Tomlinson, from Best of the Left.
2:20.5	In our discussion of the theory of vanishing investment opportunity, a reservation was
	...

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