blacksAfter 85 years, Black’s Photography, one of the largest Canadian retail photography chains, went out of business in August 2015. As the Globe & Mail reported, Black’s was a “victim of a fast-changing digital industry and high-quality smartphone cameras and Instagram posts.”

This is a classic example of Joseph Schumpeter’s concept of creative destruction – how competitive business innovations generate economic profits for winners, improve living standards for all, but destroy less productive or less desirable products and production methods (Microeconomics for Life, Ch 8.4).