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We show that world trade network datasets contain empirical evidence that thedynamics of innovation in the world economy follows indeed the concept ofcreative destruction, as proposed by J.A. Schumpeter more than half a centuryago. National economies can be viewed as complex, evolving systems, driven by astream of appearance and disappearance of goods and services. Products appearin bursts of creative cascades. We find that products systematically tend toco-appear, and that product appearances lead to massive disappearance events ofexisting products in the following years. The opposite - disappearancesfollowed by periods of appearances - is not observed. This is an empiricalvalidation of the dominance of cascading competitive replacement events on thescale of national economies, i.e. creative destruction. We find a tendency thatmore complex products drive out less complex ones, i.e. progress has adirection. Finally we show that the growth trajectory of a country's productoutput diversity can be understood by a recently proposed evolutionary model ofSchumpeterian economic dynamics.

Empirical confirmation of creative destruction from world trade data