(Last Updated On: August 22, 2019)

Adam Baldwin, The Economy Destroys Jobs As It Creates Them. It’s Called “Creative Destruction”

ONN – Adam Baldwin, The Economy Destroys Jobs As It Creates Them. It’s Called “Creative Destruction”

Adam Baldwin, the actor, likes to fancy himself a conservative thinker. So, under that mistaken idea, the star of such films as “Independence Day” tweeted a response to Bernie Sanders that, in itself, proved Baldwin had no understanding of what he put on Twitter.

Sanders tweeted: Republicans who oppose our #GreenNewDeal should explain why they don’t support creating 20 million jobs and averting climate catastrophe, yet will give billions in corporate welfare to fossil fuel companies.

Baldwin tweeted “Because government does not, cannot create jobs without first destroying jobs.” Also, communism is evil:

Obviously, Adam never at all knew about the process of “creative destruction” which happens in the economy all of the time. The person who coined the term is Joseph Schumpeter, and in his classic book “Capitalism, Socialism, and Democracy” in 1942.

That book is required reading in economics courses and has been for decades.

The term is defined as “the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one”. Many say that is the heart of economic innovation.

Baldwin was tweeting Schumpeter and didn’t know it.

It would be great if he stopped trying to be conservative and started trying to be curious. That is how one learns.

Stay tuned.

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