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IPFS News Link • Economy - Economics USA

10 Dying U.S. Industries on the Verge of Extinction

Apparel manufacturing has gone off shore, so that's a bit misleading and I'm not sure about number 6. But the remainder looks pretty accurate. BTW, Perry writes that these industries are facing extinction because of "Schumpeterian gales of creative destruction" and this is accurate, but many view Schumpterian's creative destruction as the beginning and end of entrepreneurship, which is inaccurate. A much more insightful view of entrepreneurship was developed by the economist Israel Kirzner. Building on the analysis of Ludwig von Mises, Kirzner in Competition and Entrepreneurship makes the important insight that entrepreneurship is a kind of arbitrage, where a person sees an opportunity to take advantage of a price discrepancy between markets. 1. Wired Telecommunications Carriers 2. Mills 3. Newspaper Publishing 4. Apparel Manufacturing 5. DVD, Game & Video Rental 6. Manufactured Home Dealers 7. Video Postproduction Services 8. Record Stores 9. Photofinishing 10. Formal Wear & Costume Rental