A new app disrupts a taxi firm, causing its demise but spurring new self-driving fleet jobs. This is an example of what?

💡 Explanation:

Creative Destruction, a concept popularized by economist Joseph Schumpeter, describes the process where entrepreneurial innovation (the new app) incessantly revolutionizes the economic structure from within, destroying old structures (the taxi firm's traditional model) and simultaneously creating new ones (the self-driving fleet jobs/sector). This cycle of destruction and creation is central to economic dynamism under capitalism.