Schumpeterian Waves

Schumpeterian Waves refer to cycles of economic development driven by technological innovations that lead to creative destruction. Coined by economist Joseph Schumpeter, this concept suggests that major breakthroughs, like the steam engine or the internet, trigger waves of growth and transformation in industries and economies. Each wave disrupts existing markets, replaces old technologies, and creates new ones, influencing jobs and lifestyles. The waves typically last several decades, reflecting periods of intense economic activity followed by downturns as industries adjust and evolve, ultimately leading to further innovation and progress.