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                                                                                    Journal Article
                                                                                
                                            Speeding up the broadband wagon
                                        
                                        
                                        
                                        
                                                                                
                                    
                                                                                    Journal Article
                                                                                
                                            Biotech bonanza: prospects for Texas
                                        
                                        
                                        
                                        
                                                                                
                                    
                                                                                    Monograph
                                                                                
                                            China's churn
                                        
                                        
                                        
                                        
                                                                                    
                                                                                                    Several years ago, the Dallas Fed's annual report featured an essay entitled "The Churn." The churn is our term for what economist Joseph Schumpeter called "creative destruction." A dynamic economy like ours can grow and make room for the new only if we allow parts of the economy to shrink. Unprofitable firms and industries must be allowed to fail and go out of business so their workers and other resources can move into firms and industries whose products are more favored or needed by consumers. This is, as the essay's subtitle says, the paradox of progress.
                                                                                                
                                            
                                                                                
                                    
                                                                                    Journal Article
                                                                                
                                            Telecom in North Texas : A case study in agglomeration