What was Schumpeter's view on innovation?
It is disruptive
It is harmful
It is rare
It is unnecessary
Answer
Schumpeter believed innovation to be disruptive, a force that constantly revolutionizes the economic landscape. He argued that new products, processes, and business models challenge existing norms, leading to the destruction of old industries and the creation of new ones. This process, known as "creative destruction," drives economic growth and progress.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox