This inspired the telephone, which made it even more efficient and more rapid to talk to each other. The telephone then led to cordless telephones and now to cellular phones, so that people can be accessed all over the place and not just at their homes. It seems ridiculous to think that the telephone was created with the sole purpose of eliminating the telegraph, and not because Alexander Graham Bell wanted to communicate quicker to people that were not in close proximity. Similarly, it seems odd that capitalists innovate products simply to get rid of past inventions. Technology Is Good Looking back at Schumpeter s arguments about the negative effects of capitalism, some valid points are made.
Capitalism is driven by competition and the desire to constantly upgrade products.
This competition factor has gotten a bit out of control. Other than that, I feel Schumpeter has overlooked many fine accomplishments that have been derived by capitalist competition. Many fine technological advancements have been made that make everyday living more pleasant. Information about virtually all subjects and aspects of life can be found within seconds on the Internet. With technology improving by the second, this information is able to be accessed at aeven a quicker rate.