Technology News: Tech Buzz: Why It's OK for Newspapers to Die

Technology News: Tech Buzz: Why It's OK for Newspapers to Die: "The transition that's taking place in the news publishing industry -- from print to online -- is a healthy step in technology-driven evolution, though there will undoubtedly be some short-term pain. The loss of print newspapers is akin to the loss of the horse and buggy. The Internet offers the potential for broader and deeper news reporting."

"Creative destruction," a term coined by Joseph Schumpeter in his 1942 book Capitalism, Socialism and Democracy, means exactly what it says -- the process by which a new technology or structure replaces the old and builds a new infrastructure. This is how progress happens and capitalism moves ahead. For a clear example, think back a century or so, when Henry Ford released his first prototype automobile, relegating the horse and buggy, and the buggy whip industry, to obsolescence.

Most would agree that such creative destruction resulted in a good outcome for society. Yet, not everyone is willing to let such revolutions take place without a fight. Indeed, some politicians have proposed bailing out newspapers, as the federal government has done for failing automakers.