Foundational to free market capitalism is creative destruction, which is the idea that competition forces inefficient or unproductive businesses to fail. That is, of course, only true if you weren’t deemed “too big to fail” in 2008–2009 — but I digress, as I’m not writing to debate the principals of free market capitalism in relation to our current system. In theory, under true free market capitalism, resources (capital and human) are taken from failed businesses and then reallocated to more valuable and innovative enterprises.
Tuning into the daily financial news or reading the latest report on artificial intelligence (AI), I cannot help but wonder if pundits are so caught up in daily market movements that they fail to remember the basic principles of a capitalistic system, and have such a short-term memory they cannot even recall the creative destruction of the internet 20 years ago.
AI will destroy many businesses and jobs. It has the potential to destro
