Page "Creativity" Paragraph 142

In the early 20th century, Joseph Schumpeter introduced the economic theory of creative destruction, to describe the way in which old ways of doing things are endogenously destroyed and replaced by the new.

Some economists ( such as Paul Romer ) view creativity as an important element in the recombination of elements to produce new technologies and products and, consequently, economic growth.

Creativity leads to capital, and creative products are protected by intellectual property laws.