that invade existing industries with impunity. Over the next 10 years. the battles between incumbents and software-powered insurgents will be epic. Joseph Schumpeter, the economist who coined the term "creative destruction." would be proud. And while people watching the values of their 401(k)s bounce up and down

pter 4. Although Principles became a leading textbook for decades, the paragraph | quote seems to have been overlooked. Economic historians including Joseph Schumpeter describe him as a champion of growth through belt- tightening. The paragraph I will quote makes the opposite clear. We now have means to prove his id

hmoller in Chapter 2.) It has found little favor elsewhere. The period seemed impractical to define or measure, and so gave little predictive value. Joseph Schumpeter, a student of Boehm Bawerk who disagreed with him on this point, argued in 1911 that the period of production is zero; capital is present continuousl