Greenspan on Schumpeter's "Creative Destruction"

[Mwaterfall]

If you find yourself out of a job, don't like many others fall into depression, caught up reading the newspaper and sending out Resumes. Get up and hustle! There is always something you can sell! Remember...what you put your ALL in, is what you get out! Always be prepared for change, and don't rely on anyone to bring you a plate of food. At the end of the day, give God thanks for what you have acquired.

[TimeWarp66]

Greenspan's point is correct, however the way to handle workers who have lost their jobs due to globilization is not to protect their dying companies with tarrifs or bailout money, but by giving workers who have lost their job unemployment insurance for 3 to 6 months or so.

[Renegen1]

@TimeWarp66 I agree, bailing out failing companies is obviously not a good solution. But a bit more than 3-6 months of unemployment insurance is needed. The process of creative destruction strikes truly at random. You might feel great in your career, but tomorrow a new low wage country, or a new technology could upset your whole life. There needs to be more done to get them back on their feet, like re-education / programs.

[amsd1231]

I don't think he understood Schumpeter's creative destruction. It is about more or less about the evolution or betterment of the economic system through natural selection, much like Darwin's idea. He obviously does not believe in this personally.

[estopa2006]

minority in the US, what about elsewhere? the word Totality comes to mind.