You are correct, in the medium to long term job destruction is important.
This is why talk of job creation or job destruction in the companies Bain invested in is beside the point.
Though most economists and most every politician is loath to admit it, economic growth is about relentless job destruction, not job creation.
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Adding up the net effect of job destruction and creation, Messrs Caballero and Hammour conclude that the pace of restructuring actually falls during a recession.
Contrary to what you hear from a dying traditional media, job destruction driven by technological advancement is the path to more specialized work, and with specialization, higher wages.
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The two economists examined gross job creation and destruction in American manufacturing over the period 1972-93 and found that at the onset of a recession job destruction increases, but it then falls below normal levels until well into the recovery.
Our cycle of job creation and destruction can be jarring, and perhaps even unfair at times.
It seems counter-intuitive, but job losses through creative destruction are probably a better indicator of a rising standard of living over time than job gains.
Instead of trying to save particular jobs or groups of jobs, the government should encourage a vigorous private sector so that aggregate demand will be able to absorb those caught up in creative destruction or the job churn.
In other words, the 2008 trillion dollar derivatives blowout and the resulting destruction of the US job and housing market was not caused by one man like Soros, but by loose regulation over time that markets took advantage of, and got crucified for.
So far, Mr Romney has done a poor job of defending himself against attacks which are really aimed at the creative destruction which is the essence of capitalism itself.
While in that job he headed efforts to reduce threats to the United States from weapons of mass destruction, including nuclear, biological and chemical weapons.
We are determined to do the job which governments have been doing for the past ten years which is stop the import of rainforest destruction products from around the world.
Heorhi Kazulka, a forestry official who lost his job because he refused to play ball, is waging an online battle to publicise the park's destruction.
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