What did Schumpeter emphasize in economic development?
Stability
Change
Equilibrium
Stagnation
Answer
Change was central to Schumpeter's theory of economic development. He believed that capitalism was a constantly evolving system, driven by innovation and the introduction of new products, processes, and business models. This process of "creative destruction" led to the replacement of old industries and technologies with new ones, resulting in economic growth and progress.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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