Innovation Economics

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Schumpeter’s creative destruction refers to industrial mutation that incessantly destroys the old products, while creating better alternatives by changing the matured technology core–consequentially causing destruction to existing economic structures, such as industries, firms, and jobs.
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Schumpeter’s Creative Destruction Distils from Praxis

This article explains the underpinnings driving Schumpeter's creative destruction. Human beings' innate creative ability of generating and pursuing ideas for getting jobs done better at less cost is the underlying reason for the manifestation of this effect. Along with with the freedom of competition to profit from ideas, we need to increase the knowledge stock for supporting the the creation of flow of ideas for fuelling successive waves of creative destruction.