Fundamentally changed due to creative destruction

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Reference no: EM131742293

Identify a product that has been fundamentally changed due to creative destruction (not one mentioned in the video). Explain how the negative impacts are often more visible than the positive impacts.

Example:

VHS tapes, and VHS rental stores such as BlockBuster Video have been replaced with Redbox and streaming services. The visible impact is that many who were employed in renting videos are displaced. Further, those who produced physical VHS tapes and those who transported them to the stores saw a decline in demand for their services.

However, from a societal perspective, we're now able to watch our videos and use the labor that was previously used in the VHS market to produce something else valuable for society. The result of this is more output for society.

There are winners and losers as technology advances. While society wins, those who are displaced are clearly hurt.

Reference no: EM131742293

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