Evolution
In an evolutionary economy, this can be thought of as a mutation.
What is technology?
This term describes how old industries or ideas are eliminated by better innovations.
What is Creative Destruction?
This theory claimed the first Americans came from a single migration.
What is the Clovis First theory?
This Babylonian king's code was publicly posted and used specific case examples like arson punishment rather than general rules.
Who is Hammurabi?
This device revolutionized communication by replacing the flip phone.
What is the smartphone?
This is the model that allows society to make way for new ideas and let go of ideas that are less efficient.
What is Creative Destruction?
These groups are most at risk if they fail to adapt during economic change.
Who are workers and companies that fail to adapt?
This land connection between Asia and North America was thought to be the route the Clovis people used to enter the continent.
What is Beringia?
This Greek reformer argued that society would be better served if the people were responsible for the law.
Who is Solon?
This modern service displaced traditional movie rental stores like Blockbuster.
What is online streaming?
In Capitalism, Socialism, and Democracy, the man who wrote the following.
“…that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism.”
Who is Joseph Schumpeter?
This is always moving the goalposts for economics.
What is technology?
This ice-free passage through what is now Alberta was once believed to be the route Clovis people used to move south from Alaska.
What is the ice-free corridor?
This ancient Babylonian legal code was publicly posted and used examples like “If a man burns down his neighbor’s house, then he is burned to death.”
What is the Code of Hammurabi?
This mode of transportation replaced horses in everyday use.
What is the car?
DAILY DOUBLE
The market acts similar to this, and firms and individuals within the market act similar to this.
What is an ecosystem?
What is an organism?
This short-term effect often hits communities when industries collapse.
What is economic disruption (job loss/unemployment)?
He said the following;
“The ultimate demise of the Clovis dogma was inevitable..."
Who is David Henige?
What general category of system did early city-states move toward when they began compiling codified laws under rulers?
What is legal code?
What old media format would we still be renting without creative destruction?
What are VHS tapes?
This is the process of forgetting extensive periods of unease and confusion that accompany technological progress that we might be less amenable in the present moment.
What is the benefit of hindsight?
This economist described capitalism as constantly destroying and recreating itself.
Who is Joseph Schumpeter?
He made and defined the concept of paradigm changes.
Who is Thomas Kuhn?
What principle, later emphasized in ancient and modern legal systems, says rulers themselves must obey the law?
What is the rule of law?
What is the only constant described in the excerpt that embodies creative destruction?
What is change?