Who originally coined the term "creative destruction"?
Adam Smith
Werner Sombart
John Keynes
David Ricardo
Answer
Werner Sombart, a German economist, first coined the term "creative destruction" in 1913. The concept describes the process by which new innovations and technologies replace old ones, leading to economic growth and progress. This ongoing cycle of destruction and creation is essential for the advancement of society and the economy.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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