David Thomson
2008-12-09 00:42:49
I have a simple wish for Christmas and the New Year: may the vast majority of Americans learn about creative destruction. Each and every economic improvement indirectly, if not directly, destroys existing jobs. The auto companies created in the early 20th century improved the lives of the masses—while destroying the livelihood of countless individuals employed in the horse and buggy industry. It is shocking that few well educated people are even familiar with this core economic truth. Such ignorance has resulted in a lot of avoidably stupid legislation and delayed progress. My wish might seem relatively modest, but it is extremely important.
