In 2001, the debate on the new economy appeared to hinge on three factors: innovation, our ability to manage such innovation, and public policies that supported the innovation, its implementation, and the acceptance of the economic implications of that innovation (creative destruction). Innovation also brings change, therefore upsetting the established order and replacing that order with a new set of rules and victors.
One of the most famous Super Bowl ads pictures a young woman approaching a very large picture screen upon which an austere man is speaking to a crowd of uniformly dressed people who appear to be in a trance. The young woman throws a hammer at the screen. The ad is filmed in black and white. Discuss the concept of creative destruction and its application to this situation. How did the unique timing of changing fundamentals of labor, capital, and technology come together to signal the enormous shift in the American society at that time?