Extinction Due to Creative Destruction

Creative destruction is an economic concept first introduced by Joseph Schumpeter. In a nutshell, as new ideas are created, old ones are shelved. Here is an example of what we mean:


The IPOD replaced the CD...


Which made the cassette tape disappear...


Which pushed the 8-track tapes into oblivion...


Which encouraged sides A & B of the 45 record to take a hike...


Which shoved aside the 33 1/3 rpm LP (long play) vinyl record (except for audiophiles today)...


Which replaced the 78 rpm record...



And if we skip all the way back, we come to Edison's cylinder phonograph of 1899:


Schumpeter taught us that this would happen.


And he taught that there would be cycles of invention, growth and then maturity of concepts, just as we have witnessed with the delivery of music for our personal enjoyment.