The more complex issue of managing the conflicts between price and financial stability goals on some rare occasions warranting consultation or coordination with the government, is another issue. Fourth, how much of the recent empirical evidence is adequate to give credit to effectiveness of monetary policy by central banks relative to say, globalization of trade in goods and services?
However, generations of economists have associated the term “Creative Destruction” with the Austrian economist Joseph Schumpeter who writing in the 1940s described capitalism as “the perennial gale of creative destruction”. It has become a shorthand description on how economies evolve, incessantly destroying old jobs, companies and industries, incessantly creating new ones. Transportation provides a dramatic example of creative destruction at work.