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Schumpeter’s virus: How “creative destruction” could save the coronavirus economy

The Great Depression-era economist understood that productive new businesses can rise from the rubble. But for that to happen, the old cannot be blindly preserved

You don’t have to be an economist to see that Covid-19 has stopped much of the economy in its tracks, or to wonder how and when it will bounce back. But there is also the question of what, once the economy settles into its new normal, that new normal will look like.

When economists think about this sort of question, they start with the concept of “potential growth”—that is,…

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