This is an I-Heart podcast.

Guaranteed Human.

CallZone Media.

Hello and welcome to Better Offline.

I'm your host, Ed Zyatron.

Not really good. Let's not all right.

Not really going to dawdle too much on the intro today.

I'm too excited about the interview you're about to hear.

Today's guest is a globally known economist, the author of Why Nations Fall and Power and Progress.

MIT's Daron a semaglu.

Okay, so a term that you've popularized, not necessarily invented, is creative destruction.

Do you mind explaining it for the listeners?

Oh, yeah.

I mean, I definitely did not invent it, and I think many other people deserve much more credit for inventing it and making it work.

It's this idea that goes back to Joseph Schumpeter, a famous Austrian economist who spent most of his career

or the most important part of his career at Harvard, who emphasized that in capitalist growth,

you will have new firms taking market away and destroying old firms.

And as a corollary of that, new technologies taking market share away

and driving out old technologies.

And he understood this was a difficult and tumultuous process, but also believed that that was the essence of sort of capitalist growth.

So it's one of these things that is a fact of life in a market process, but different types of

social, economic and political reactions to it are natural, and how you react to it is going

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