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From course:

Economics A Level (DONEEEEEEE)

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Question:

What can Creative Destruction lead to?

Author: eric_galvao



Answer:

-Job Losses because of Markets being Destroyed, but New Jobs in the Long Run are also created, with Society Benefitting due to Better Goods and Services -Technological Change generally leads to Creative Destruction. Incumbent or New Firms can make a Goods that is Much Better than Existing Ones, altering the Market Structure


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