Stossel 2015 04 03 Creative Destruction WS SDTV x264-XAiO

John F. Stossel is an American consumer reporter, investigative journalist, author, libertarian columnist, and former co-anchor for the ABC News show 20/20. In this show he looks at consumer-focused topics, such as civil liberties, the business of health care, and free trade.

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CREATIVE DESTRUCTION

Friday at 9PM ET on FBN

Marx said Capitalism means destruction. Schumpeter said Marx was right, but it's creative destruction.

INNOVATION: We like our smart phones, but did you ever think about what they destroyed? I put together a list...

-Phone Books

-Books

-Snail Mail

-Encyclopedias

-Dictionaries

-Notepads

-Calendars

-Business Cards

-Address Book/Rolodexes

-Record Players

-Cassette Players

-Boom Boxes

-Radios

-Walkmen

-Mp3 Players

-Voice Recorders

-Tape recorders

-Cameras

-Photo Albums

-VCRs

-DVDs

-TV Video Game Systems

-Video Cameras

-Fax Machines

-Maps

-Compasses

-GPS Units

-Alarm Clocks

-Stop Watches

-Calculators

-Flashlight

-Levels

-Egg Timers

-Remote Controllers

Now it's all in one device:

What a bargain!

FUTURE OF MUSIC: When I was born, here's how people listened to music:

Then came cassette tapes, CDs and MP3s. Now people stream music off the internet. Companies like Napster paved the way for listening to music online. The music industry got politicians to declare that "illegal."

ARTIFICIAL INTELLIGENCE: With the invention of automation and robots, could human beings become irrelevant? I look how Hollywood tries to imagine the robot-dominated future:

THE LAST OF THE 6%? Real estate brokers still charge a 6% commission. This is one profession that so far has resisted most creative destruction. Increasingly, however, people have found new and better ways to buy and sell homes. Redfin is an internet real estate brokerage who gives money back to buyers.

CASH IS TRASH? I often pay in cash...or credit cards. How primitive, I'm told! We explore what could replace my outdated modes of payment.


IMPROVING EDU : If any industry is ripe for creative destruction, it's education. Education's barely improved in 200 years because it's dominated by governments and unions. Today, some kids have more innovative... cooler... ways to learn.

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