Walter Isaacson Shows Job Killing Creates Jobs

To a Greenspan properly reverential toward Joseph Schumpeter’s “creative destruction” whereby new forms of machinery and labor are constantly replacing the old on the way to substantial growth, the scene in the Soviet Union spoke to a stationary economy that fraudulent numbers like GDP would miss, and that hid just how desperate the situation had become in the U.S.S.R. A society bereft of entrepreneurs and the capital necessary to fund their vision was naturally one stuck in neutral economically, and as such, rolling backwards.  This is the stuff of stagnation and grinding poverty simply because the investors who create all the jobs run with great speed from economic situations marked by a lack of change.