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What is Creative Destruction and what role does it play in our society?

The 2008 Congressional farm bill contains subsidies

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The 2008 Congressional farm bill contains subsidies

Question

Just need simple answers

  1. The 2008 Congressional farm bill contains subsidies for corn-based ethanol production. Currently, corn grown for ethanol production accounts for 24% of the total corn crop grown in the U.S. How does this subsidy impact the market for corn grown for ethanol production and the market for corn grown for consumption?
  2. What is Creative Destruction and what role does it play in our society?
  3. How do subsidies hurt/help businesses?
  4. How do subsidies hurt/help consumers?

The 2008 Congressional farm bill contains subsidies

 

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