Introduction
Creative destruction is a term used “to refer to the incessant product and the process innovation mechanism by which new production units replace outdated ones” (Schumpeter 81). Backhaus writes that “the term creative destruction is the oxymoron of creation and destruction; it appears to be a paradox. But what it means is to create the new and destroy the old and the new and the old are not on the same dimension” (Backhaus 600). Creative destruction, explain Acs and David, “is the view of the market process as the elimination of the old way of economic life, not as the achievement ...
