After watching this video, i learned that creative destruction is a entrepreneur who disregards the current market trend or supply and demand curve and creates their own in effort to earn better profits. -Javarous Mayes
Hi Orbo and Friends! Thank you for watching and for commenting! Did the Podcast mention my channel or was it generally on Austrian Economics? Are there any other topics that interest you?
I started my own business because I got tired of helping to buy boats I never got to ride on . I watched the whole video , nice job . I was looking for information on supply side econ and how dispuptive covid 19 is when no one has an inventory . Thanks 👍
Hi Kevin. Thank you for watching my video and for your kind words. Did you have a chance to see the rest of the playlist? I find Austrian economics very interesting as well. Are there any particular subsets of this problem that interest you? I can try to make some additional videos if it would be helpful.
@@DrDUniversity I was interested in your opinion . Would Keynes theory be less disputed by covid . With Austrian practice no one has an inventory therefore covid has disputed the economy . Thanks .
The way that many things can manipulate the supply and demand curve is very interesting. I never thought that how you carry yourself in entrepreneurship can easily affect the curve.
I learned that Schumpeter had criticisms that were beyond his time, and that creative destruction is when an entrepreneur destroys a current market and makes a new one out of the destruction. XX K. Good
Schumpeter had forward-thinking criticisms, and creative destruction is when entrepreneurs innovate by disrupting existing markets and creating new ones. -Abhiyan Singh
Schumpeter creative destruction is the right definition of Mark with the Facebook uprise which I agree on cause it creates a much better understanding.. Ben M
In this video, we delved into Schumpeter's concept of Creative Destruction within Austrian Economics, illustrating how entrepreneurs, exemplified by figures like Mark Zuckerberg, reshape industries by challenging and transforming existing equilibriums. - Sandesh Gnawali
Schumpeter describes that entrepreneurs destroy an existing equilibrium and they then create something new in the aftermath of the destroyed equilibrium and this is how entrepreneurs made money. Mickhayla N.
Thank you for posting. That one idea did take hold. I think the greater idea that most modern and even at this time economic professors missed was the condition of man’s soul which is tall in most theological flavors. Particularly in Christianity. Man by nature is going to seek his own good. Many times it is not necessarily to the good of others, others may benefit but that may not be the intention.I think Thomas Sowell and Friedman Both referred to it as the tragic view. I don’t believe it has been explored enough. What university do you teach??
Schumpeter describes that entrepreneurs destroy an existing equilibrium and then create something new, that is how entrepreneurs make their money. Latham Hensley X
In this video I was reminded how anti-communist/socialist America is. And I learned that Schumpeter's ideal thoughts of socialism would lead to the death of entrepreneurship
Yes, I would love to know more about your work on Schumpeter. My email is drduiversity@gmail.com. I am looking forward to learning more about your work!
I learned that there are community-based enterprises where the community, gov., or other entities that aren't specifically a single person act entrepreneurially. K. Good
could you say oligopolistic markets are vulnerable to creative destruction, as the major players get too comfortable until new entrances utterly change and disrupt the market. for example UBER revolutionised private transport? thanks for the video very informative !
Hi Adam. That is totally correct. I would also say that monopolies are equally vulnerable to creative destruction for the same reasons. I am so glad you liked the video. Are there other topics that interest you?
@@DrDUniversity videos like these on economic theories and applying them to real life to see if there are durable or flawed ideas are super helpful. Nonetheless, I really like your channel. Thanks
Schumpeter’s view to destroy the existing equilibrium and create something new is interesting. Also the fact that it leaves very little incentive to quit your job and become an entrepreneur.
Good video, I think you’re right about creative destruction, it has become an entire arm Of Austrian thinking. I think it’s always good for people to understand the negative affects of crony capitalism. And how it’s a constant threat to the economic system.
Schumpeter thinks that Entrepreneurs will look at the supply and demand curve and will be dissatisfied with it and will 'cross' it out and make a new one. The new one will have a new set of prices and quantities that better matches them. K. Good
Are you a bit? Why are most of the comments in this odd format with a simple repetition of the video’s theme follows by the commenter’s name? Is this required for class credit or something?
To be honest, using mainstream supply and demand curves is the worst way to introduce Austrian economics and the Schumpeterian model. There are different paths that the Austrian economics evolved but one thing that every Austrian agree on is the strong emphasis on dynamism of market forces. I see that you're trying to simplify things but it only undermines the essence of the theory.
Hi Ahmet Ihsan Kaya. Thank you for watching my videos and for commenting. I think we may be saying similar things but explaining it in a different fashion. This playlist overviews an article that compares Lachman to the other approaches in Austrian Economics. I agree with you that the Austrian approach is fundamentally different than the classical economics approach, and my understanding is that the Austrian Economists derived their ideas to stand in juxtaposition to those of classical economics. Therefore, I try to explain the Austrian ideas by contrasting them with classical economics ideas not only to facilitate student understanding, but also to highlight these contrasts. Does this train of thought make sense? Do you have any suggestions about how you might visually represent these ideas differently? I am always trying to improve and I always welcome feedback. Thank you again for your feedback.
@@DrDUniversity Hi Dr., thank you for your response. I wasn't aware that this video is a part of a series. Then I watched your video on Kirzner and realized what you're doing. Actually, I'm not against using curves and even find them mostly useful. I do not have any other tool to visualize these ideas as well. However, I'm not sure if we have to visualize it in the first place. The problem with the mainstream supply and demand curves is that it only reflects a picture of a moment in a static way and treats prices are given at the equilibrium with some unrealistic assumptions of rationality, perfect knowledge, etc. However, this point of view ignores the dynamism in the market process, as well as entrepreneurs' role and how the prices are formed. On the contrary, these are the essence of the Austrian economics which strongly emphasizes the role of market actors who have limited knowledge but constantly learning and correcting themselves in an uncertain environment. If we are gonna use the mainstream way of thinking, we can say that these efforts push markets to equilibrium but this is just not the playing ground for Austrian economics.
Hi Ahmet Ihsan Kaya. Actually, I agree with you. It is indeed difficult to visually represent the different concepts in Austrian economics. I tried in the the playlist to use visual illustrations of the different interpretations of market dynamism. I know it is imperfect, but some of my students respond better to conceptual discussions, and other students respond better to illustrations. Did you have a chance to see the rest of the playlist? I would be interested in your feedback on some of the other ways I tried to illustrate market disequilibrium. If you like, here is the article I am discussing in this playlist: Chiles, T. H., Bluedorn, A. C., & Gupta, V. K. (2007). Beyond creative destruction and entrepreneurial discovery: A radical Austrian approach to entrepreneurship. Organization Studies, 28(4), 467-493.
Hi Jose! Well put - his name is a mouthful and I may have mispronounced it! I hope you have a chance to see my other videos on Austrian economics as well!
Your explanation on social media as an example of creative destruction opened my mind to fully understand this theory...thank you so much
Thank you for watching and for commenting! Have you seen my other videos on social media and on creative destruction?
After watching this video, i learned that creative destruction is a entrepreneur who disregards the current market trend or supply and demand curve and creates their own in effort to earn better profits. -Javarous Mayes
This video has given me insight into how I can manipulate the supply and demand curve.
This video has really great content. It helped me to understand Austrian economics and pass my Mid-term.
Christian Oliver
Was on a podcast and they talked about this so I came here to learn more about it! Subscribed by the way!
Hi Orbo and Friends! Thank you for watching and for commenting! Did the Podcast mention my channel or was it generally on Austrian Economics? Are there any other topics that interest you?
Entrepreneurs look to destroy old supply and demand curves to make their own supply and demand curves according to Schumpeter. Sam H.
I'm currently having to write a paper on Schumpeter and this helped me out!
I am so glad my video helped you. Let me know if there is anything else I can do to help you.
Schumpeter describes entrepreneurs as these heroic individuals.C. England
I started my own business because I got tired of helping to buy boats I never got to ride on . I watched the whole video , nice job . I was looking for information on supply side econ and how dispuptive covid 19 is when no one has an inventory . Thanks 👍
Hi Kevin. Thank you for watching my video and for your kind words. Did you have a chance to see the rest of the playlist? I find Austrian economics very interesting as well. Are there any particular subsets of this problem that interest you? I can try to make some additional videos if it would be helpful.
@@DrDUniversity I was interested in your opinion . Would Keynes theory be less disputed by covid . With Austrian practice no one has an inventory therefore covid has disputed the economy . Thanks .
The way that many things can manipulate the supply and demand curve is very interesting. I never thought that how you carry yourself in entrepreneurship can easily affect the curve.
I learned that Schumpeter had criticisms that were beyond his time, and that creative destruction is when an entrepreneur destroys a current market and makes a new one out of the destruction. XX K. Good
For a lifelong student of economics this is great stuff
Thank you for watching and for commenting! Have you seen my other videos on Austrian Economics?
Schumpeter had forward-thinking criticisms, and creative destruction is when entrepreneurs innovate by disrupting existing markets and creating new ones. -Abhiyan Singh
Creative destruction is destroying the current S/D curve and creating a new one, breaking the rules to form your own Connor H xx
thank you for the illustration. makes sense now!
I am so glad you enjoyed the video! Did you see my other videos on Austrian Economics?
I think sub prime mortgage backed is an abuse of schumpeter to stuff the same pile into the same vehicle.
Thank you for commenting and for watching! Did you see my other videos on Austrian economics?
Schumpeter creative destruction is the right definition of Mark with the Facebook uprise which I agree on cause it creates a much better understanding..
Ben M
Schumpeter destroys the current equilibrium to create something new
I love every single matrix reference
The use of creative destruction can take a market and completely change it to a new form. Juan Ponce
In this video, we delved into Schumpeter's concept of Creative Destruction within Austrian Economics, illustrating how entrepreneurs, exemplified by figures like Mark Zuckerberg, reshape industries by challenging and transforming existing equilibriums. - Sandesh Gnawali
Entrepreneurs will create their own equilibrium. A. Lally
I like the theory of creative destruction.
- christian oliver
Schumpeter describes that entrepreneurs destroy an existing equilibrium and they then create something new in the aftermath of the destroyed equilibrium and this is how entrepreneurs made money. Mickhayla N.
I learned what creative destruction is and how it is used by entrepreneurs. Mares
This video explains Schumpeter's understanding on equilibrium and potential entrepreneur's impact on the equilibrium point . - R. Brandon-Hopper
Thank you for posting. That one idea did take hold. I think the greater idea that most modern and even at this time economic professors missed was the condition of man’s soul which is tall in most theological flavors. Particularly in Christianity. Man by nature is going to seek his own good.
Many times it is not necessarily to the good of others, others may benefit but that may not be the intention.I think Thomas Sowell and Friedman Both referred to it as the tragic view. I don’t believe it has been explored enough. What university do you teach??
Schumpeter describes that entrepreneurs destroy an existing equilibrium and then create something new, that is how entrepreneurs make their money. Latham Hensley X
Loved this
In this video I was reminded how anti-communist/socialist America is. And I learned that Schumpeter's ideal thoughts of socialism would lead to the death of entrepreneurship
Zuckerberg was the first person that popped into my mind....
Hello. How do I get in touch with you? I'd like to share my work on Schumpeter?
Yes, I would love to know more about your work on Schumpeter. My email is drduiversity@gmail.com. I am looking forward to learning more about your work!
Excellent job
Thank you for watching and for commenting! Let me know if there are any particular videos that interests you and I will see what I can do!
Schumpeter says that entrepreneurs try to destroy the equilibrium so they can create something new. XX Kasey Woolard
I learned that there are community-based enterprises where the community, gov., or other entities that aren't specifically a single person act entrepreneurially. K. Good
could you say oligopolistic markets are vulnerable to creative destruction, as the major players get too comfortable until new entrances utterly change and disrupt the market. for example UBER revolutionised private transport? thanks for the video very informative !
Hi Adam. That is totally correct. I would also say that monopolies are equally vulnerable to creative destruction for the same reasons.
I am so glad you liked the video. Are there other topics that interest you?
@@DrDUniversity videos like these on economic theories and applying them to real life to see if there are durable or flawed ideas are super helpful. Nonetheless, I really like your channel. Thanks
Schumpeter’s view to destroy the existing equilibrium and create something new is interesting. Also the fact that it leaves very little incentive to quit your job and become an entrepreneur.
Good video, I think you’re right about creative destruction, it has become an entire arm Of Austrian thinking. I think it’s always good for people to understand the negative affects of crony capitalism. And how it’s a constant threat to the economic system.
Hi Spencer. Thank you for watching my video and for commenting! Did you see my other videos on Austrian Economics?
@@DrDUniversity going to watch it today
Creative destruction can change a market C. Oliphint
Schumpeter thinks that Entrepreneurs will look at the supply and demand curve and will be dissatisfied with it and will 'cross' it out and make a new one. The new one will have a new set of prices and quantities that better matches them. K. Good
a like for the matrix reference
Entrepreneurs destroy existing equilibrium and create new things from it. C. Rossin
Entrepreneurs go on their own path. MGonzales
I have a better understanding of "creative destruction". Taylor S
Are you a bit? Why are most of the comments in this odd format with a simple repetition of the video’s theme follows by the commenter’s name? Is this required for class credit or something?
He thinks of all entrepreneurs as heroic when it comes to creative destruction. K. Good
Entrepreneurs destroy existing market and build their own through creative destruction Y.vanhorne
To be honest, using mainstream supply and demand curves is the worst way to introduce Austrian economics and the Schumpeterian model. There are different paths that the Austrian economics evolved but one thing that every Austrian agree on is the strong emphasis on dynamism of market forces. I see that you're trying to simplify things but it only undermines the essence of the theory.
Hi Ahmet Ihsan Kaya. Thank you for watching my videos and for commenting. I think we may be saying similar things but explaining it in a different fashion. This playlist overviews an article that compares Lachman to the other approaches in Austrian Economics. I agree with you that the Austrian approach is fundamentally different than the classical economics approach, and my understanding is that the Austrian Economists derived their ideas to stand in juxtaposition to those of classical economics. Therefore, I try to explain the Austrian ideas by contrasting them with classical economics ideas not only to facilitate student understanding, but also to highlight these contrasts. Does this train of thought make sense? Do you have any suggestions about how you might visually represent these ideas differently? I am always trying to improve and I always welcome feedback. Thank you again for your feedback.
@@DrDUniversity Hi Dr., thank you for your response. I wasn't aware that this video is a part of a series. Then I watched your video on Kirzner and realized what you're doing. Actually, I'm not against using curves and even find them mostly useful. I do not have any other tool to visualize these ideas as well. However, I'm not sure if we have to visualize it in the first place. The problem with the mainstream supply and demand curves is that it only reflects a picture of a moment in a static way and treats prices are given at the equilibrium with some unrealistic assumptions of rationality, perfect knowledge, etc. However, this point of view ignores the dynamism in the market process, as well as entrepreneurs' role and how the prices are formed. On the contrary, these are the essence of the Austrian economics which strongly emphasizes the role of market actors who have limited knowledge but constantly learning and correcting themselves in an uncertain environment. If we are gonna use the mainstream way of thinking, we can say that these efforts push markets to equilibrium but this is just not the playing ground for Austrian economics.
Hi Ahmet Ihsan Kaya. Actually, I agree with you. It is indeed difficult to visually represent the different concepts in Austrian economics. I tried in the the playlist to use visual illustrations of the different interpretations of market dynamism. I know it is imperfect, but some of my students respond better to conceptual discussions, and other students respond better to illustrations. Did you have a chance to see the rest of the playlist? I would be interested in your feedback on some of the other ways I tried to illustrate market disequilibrium.
If you like, here is the article I am discussing in this playlist:
Chiles, T. H., Bluedorn, A. C., & Gupta, V. K. (2007). Beyond creative destruction and entrepreneurial discovery: A radical Austrian approach to entrepreneurship. Organization Studies, 28(4), 467-493.
@@DrDUniversity Thanks! I watched the one with Kirzner and I'll check the others as well.
Good explanation, poor pronunciation of Schumpeter’s surname I believe.
Hi Jose! Well put - his name is a mouthful and I may have mispronounced it! I hope you have a chance to see my other videos on Austrian economics as well!
no no... pronounced correctly. I'm from Austria. Every german native speaker pronounces it like that when talking English...