Pathologies of creative destruction? Its dysfunctions from the history of economic theory and social thought, and contemporary empirical economics

Key Points

• Creative destruction has notable dysfunctions that can hinder economic progress and social stability.
• Empirical analysis highlights key historical examples where dysfunctions impacted economic theory and social thought.
• The assessment utilizes a historical context to delineate the complexities of economic evolution and social change.
• Implications for understanding contemporary economics call for a reevaluation of creative destruction's role, indicating potential risks.