WSJ has an article by Dr. McAfee and Dr. Brynjolfsson:
If this brutal competitive cycle — first described as “creative destruction” by Austrian economist Joseph Schumpeter in 1942 — makes you uncomfortable, we’ve got some bad news.
We’ve been studying competition in all U.S. industries, not just the high-tech ones, and we’ve observed a remarkable pattern: On average, the whole U.S. economy has become more “Schumpeterian” since the mid-1990s. What’s more, these changes have been greatest in the industries that buy the most software and computer hardware.
Over the past dozen years, in other words, information-technology consumption is associated with the kinds of competitive dynamics we’re accustomed to seeing in the IT-producing industries. And because every industry will become even more IT-intensive over the next decade, we expect competition to become even more Schumpeterian.