Thursday, May 28, 2020

Article "Schumpeter’s virus: How “creative destruction” could save the coronavirus economy"

The article "Schumpeter’s virus: How “creative destruction” could save the coronavirus economy" by economist Barry Eichengreen moves into how the Covid virus is going to fundamentally change how our economy works. We were already on this path but the virus pushes our companies to adapt in new ways. It is informative and well worth reading. We are an adaptive species and when we face a crisis we can turn it into a change agent for adaptation.

I'm working on a similar theory for the past 7 years and believe it matches much of what Dr. Eichengreen says here. The linkages and efficiency of those linkages improves productive capacity but also the way in which these businesses interact determine their innovative capacity. As we draw companies back to the U.S. we can think about how to utilize such supply chain and competitive/collaborative networks to improve our economic position. Its not a finished theory but you can sort of get the point. "The Theory of Interactive Clusters for Innovative Economic Growth".

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