Interesting new paper argues that the pace of creative destruction in the U.S. economy has accelerated and changed in last few decades:
The rate of creative destruction among public firms increases in the U.S. during the period 1960-2009. We document statistically significant increases in big business turnover, changes in market share, the difference in growth rates between firms that gain and lose market share, and other measures that show an increasingly dynamic economy. The increase in economic dynamism is driven by increasingly fast-growing firms that exhibit increasingly high growths in total factor productivity, value-added, and profit margins, and have increasingly high R&D spending and patent grants. The type of firm that generates this creative destruction changes during the sample period. Creators are increasingly smaller and younger, and increasingly issue shares and debt; the average creator would have run out of cash by year-end had it not raised capital, and this financial dependence increases throughout the sample period.