LECTURE - Creative Destruction, Part 2 - Joseph Schumpeter, "The Process of Creative Destruction"

Affiliated Faculty: 

This lecture explores the role of competition in the market process: whether that process has an internal source of competition, how competition leads to the introduction of new goods and services to the market process, and how competition allows society to discover where the market process has ceased to create wealth.

In this part, Professor Russell explores and discusses Schumpeter's critical question: Whether competition is something that happens because of the market process or in spite of the market process?