Perfect Competition

Posted: July 13th, 2022

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Discussion – Perfect Competition

Perfect competition requires that firms constantly compete to improve technology, lower costs, and strive for profits. That means that old technology and markets get destroyed. Watch this video on creative destruction.
Identify a product that has been fundamentally changed due to creative destruction (not one mentioned in the video). Explain how the negative impacts are often more visible than the positive impacts.
VHS tapes and VHS rental stores such as Blockbuster Video have been replaced with Redbox and streaming services. The visible impact is that many employed in renting videos are displaced. Further, those who produced physical VHS tapes and those who transported them to the stores saw a decline in demand for their services.
However, from a societal perspective, we can now watch our videos and use the previously used labor in the VHS market to produce something else valuable for society. The result of this is more output for society.
There are winners and losers as technology advances. While society wins, those who are displaced are hurt.

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