Creation and Destruction: Schumpeterian Innovation

The accelerating pace of technological change raises the challenge of applying a theory of economic development that is adequate to this change as a basis for policy-making. The economic community is increasingly turning to the contemporary application of Schumpeter’s theory in addressing this challenge. It is telling that the 2025 Nobel Prize in Economics was awarded for the development of Schumpeter’s theory of creative destruction. With this in mind, the focus here is on a contemporary collaborative work by three scholars—Philippe Aghion, Céline Antonin, and Simon Bunel, titled “The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations,” dedicated to the power of creative destruction.