Empirical Confirmation of Creative Destruction from World Trade Data

Empirical Confirmation of Creative Destruction from World Trade Data. Ricardo Hausmann, June 18, 2012, Paper. "We show that world trade network datasets contain empirical evidence that the dynamics of innovation in the world economy indeed follows the concept of creative destruction, as proposed by J.A. Schumpeter more than half a century ago. National economies can be viewed as complex, evolving systems, driven by a stream of appearance and disappearance of goods and services. Products appear in bursts of creative cascades..."