as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
explain the concept of creative destruction.
user
creative destruction is the process by which new businesses and ideas replace older ones, through competition and innovation. this process is driven by market forces and occurs in dynamic economies, where companies and ideas compete with each other and drive the growth of the economy through product and process innovation.
assistant