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Economic "Creative Destruction"

Economic "Creative Destruction" | Geography Education | Scoop.it
Print newspaper ads have fallen by two-thirds from $60 billion in the late-1990s to $20 billion in 2011.

 

I'm sure we are all familiar with the fact that newspapers have declined as an economic force in the last decade as more people receive their information and news through online portals such as blogs, social media and online news sites.  This is an excellent (and timely) example to teach the concept of creative destruction: as jobs are created through new emerging technologies, older jobs will be rendered obsolete and be 'destroyed.'  While many bemoan the loss of particular jobs as regrettable, it is a part of globalization of economic geography that as jobs are created in new technologies, other jobs disappear.  The trick is to make these transitions smooth and to prepare the labor force to have skills that the new economy will demand so that individual families and workers aren't causualties of this 'creative destruction' process.      

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Geography Education
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