So I am taking my first college Economics course this term and am absolutely loving it. There are so many different economic theories and principles I have heard about and am now really beginning to understand. One of those is creative destruction.
Creative destruction is basically a theory about innovation and progress. In order to continue moving forward and truly create sometimes, if not always, it’s necessary to destroy something that was created in the past. When we make things better sometimes we have to make other things worse.
Creative Destruction in Action
Polaroid cameras. They were awesome at the time. And Mr. Polaroid or whoever invented it surely raked in some substantial profit. But since its invention someone else has invented an even better product that accomplishes the exact same thing: digital cameras. They have now taken over the market, and though Polaroid cameras are still around, they have, in a sense, been destroyed. Why? Because of creative destruction.
Yes, it’s sad. But it’s necessary to keep moving forward.
I think about my own life and where I need to exercise some creative destruction. What worked back then but needs to change now to be more efficient? And what do I use on a daily basis that I could exercise some “creative destruction” on to create something even better?
Sometimes we just settle for what works. Polaroid cameras worked just fine. But if we’ll spend a little bit of time thinking we can create something even better that will save time, energy, money and blow the past totally out of the water.