CREATIVE DESTRUCTION: THE ENGINE OF PROGRESS AND INNOVATION

Creative destruction is the process of replacing old technologies with new ones.

It is a necessary process for progress and innovation in various industries.

Creative destruction can lead to job loss and economic disruption in the short term.

However, it ultimately leads to increased productivity and economic growth in the long term.

Examples of creative destruction include the replacement of horse-drawn carriages with automobiles and the shift from film to digital photography.

Industries that embrace creative destruction are more likely to thrive and remain competitive.

Innovation is key to surviving in today's rapidly changing business landscape.