What did Schumpeter think about economic equilibrium?
It is static
It is dynamic
It is perfect
It is harmful
Answer
Schumpeter's view of economic equilibrium was that it is a dynamic state, not a static one. He believed that the economy is constantly evolving and changing, and that equilibrium is a temporary state that is constantly being disrupted by new innovations and technological advancements. This dynamic view of equilibrium is in contrast to the traditional view, which sees equilibrium as a static state of balance.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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