What term did Schumpeter popularize?
Supply and demand
Creative destruction
Invisible hand
Comparative advantage
Answer
Creative destruction, a term popularized by economist Joseph Schumpeter, describes the process by which new innovations and technologies replace old ones, leading to economic growth and progress. This process involves the destruction of existing industries and jobs, but also the creation of new ones, resulting in a dynamic and ever-evolving economy. Schumpeter argued that creative destruction is essential for sustained economic growth and innovation.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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