* Creative destruction

Creative destruction, sometimes known as Schumpeter's gale, is a term in economics which has since the 1950s become most readily identified with the Austrian-American economist Joseph Schumpeter, who adapted it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle.

Creative destruction is a powerful economic concept because it can explain many of the dynamics or kinetics of industrial change: the transition from a competitive to a monopolistic market, and back again.

Creative destruction can cause temporary economic distress.

Creative destruction is embedded within the circulation of capital itself.

In 1992, the idea of creative destruction was put into formal mathematical terms by Philippe Aghion and Peter Howitt in their paper " A Model of Growth through Creative Destruction ," published in Econometrica.

More recently, the idea of " creative destruction " was utilized by Max Page in his 1999 book, The Creative Destruction of Manhattan, 1900 – 1940.

Neoconservative author Michael Ledeen argued in his 2002 book The War Against the Terror Masters that America is a revolutionary nation, undoing traditional societies: " Creative destruction is our middle name, both within our own society and abroad.

Creative destruction has also been linked to sustainable development.

The connection was explicitly mentioned for the first time by Stuart L. Hart and Mark B. Milstein in their 1999 article Global Sustainability and the Creative Destruction of Industries, in which he argues new profit opportunities lie in a round of creative destruction driven by global sustainability.

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* Creative destruction

Joseph Schumpeter's concept of Creative destruction attempted to reformulate Marx's analysis in more positive light.