Ken O’Brien
For forty years I have waited for the term “creative destruction” to enter the American political lexicon.
More than any other concept, this idea, first popularized in its contemporary form by the Austrian economist Joseph Schumpeter, clarifies the proper contemporary framework for government fiscal policies and intervention in the economy.
It is ironic that it has been raised as an issue by the Republican frontrunner for the Presidential nomination Mitt Romney.
The irony lies in the fact that someone posturing as a small government, free market conservative should advance a concept that, in the final analysis, provides the best justification for Progressive policies of government involvement in the economy and the existence of social safety nets.
“Creative destruction” addresses the historical tendency for new industries to supplant and gain dominance over an earlier pattern of production. 
