Creative destruction
Describe meaning of the term “creative destruction”? How does the emergence of MP3 (iPod) technology relate to this idea?
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Creative destruction refers to the procedure by which the creation of new products and production techniques destroys the market positions of firms committed to generating only existing products or by using outdated methods. The capability to download and store a great number of songs, and the superior quality of MP3 is causing a decline in the CD industry, just as CDs once replaced cassette tapes, which had beforehand replaced phonographs (records).
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Sponsor: It is an individual, group, or organization which initiates or brings to a Legislator's attention a proposed law modification.
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May Revision: The annual update to the Governor’s Budget having a revised estimate of General Fund revenues for the present and ensuing fiscal years, any proposals to adjust expenditures to reflect the updated revenue estimates,
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