The hypothesis that the creation of new goods and processes simultaneously destroys the market power of existing monopolies is called creative

The hypothesis that the creation of new goods and processes simultaneously destroys the market power of existing monopolies is called creative Creative destruction.

The process by which the newly created product with the new ideas and innovations eliminates the outdated products. This helps in the improvement in the growth of the productivity. For instance let us consider the example of Internet development. The development in internet has affected many people but it helps creating one ones.  

When new goods and services are created with new and innovative ideas incorporating many new facilities in satisfying the buyers to a greater extent then it will definitely eliminates the older products and services which refers to Creative Destruction.

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