What nationality was Joseph Schumpeter?
German
Austrian
Swiss
French
Answer
Austrian economist Joseph Schumpeter was known for his theories on economic development and innovation. He believed that capitalism was a dynamic system that was constantly evolving through the process of "creative destruction." Schumpeter argued that new technologies and products would emerge, leading to the decline of old industries and the creation of new ones. This process of innovation and change was essential for economic growth and progress.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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