What did Schumpeter believe about monopolies?
They are harmful
They can be beneficial
They are illegal
They are rare
Answer
Monopolies, while often seen as detrimental, can be beneficial according to Schumpeter. He believed that monopolies could drive innovation and economic growth through their ability to invest heavily in research and development. By creating new products and processes, monopolies could stimulate competition and ultimately benefit consumers.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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