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KILLER APPLICATION: A computer program that is so incredibly useful, popular, and profitable that the company responsible for development achieves enormous growth in a relatively short time period. Several computer companies developed killer applications during the 1980s and 1990s, which contributed greatly to the computer revolution. The Lotus 1-2-3 spreadsheet program was among the first, and perhaps most noted, killer applications. This program motivated millions of businesses and consumers in the early 1980ds to purchase personal computers.
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CREATIVE DESTRUCTION A fundamental process of capitalism, popularized by Joseph Schumpeter, in which the benefits of growth and prosperity induced by innovations also result in the costs of disrupting existing means of production. The creation of new activity involves the destruction of existing activity. This notion attributes business-cycle instability to innovations, including both the expansionary rise of prosperity, as well as a contractionary decline. Creative destruction is based on the idea that rather than tending toward equilibrium, the economy is largely in flux. A key question is one of cause and effect. Does innovation cause destruction or does destruction induce innovation?
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for door-to-door salesmen.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth ‚ and his humanity. " -- Peter Drucker, author
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JLE
Journal of Law and Economics
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