What was Schumpeter's view on capitalism?
It is static
It is dynamic
It is declining
It is perfect
Answer
Schumpeter's view of capitalism was that it is a dynamic system characterized by constant innovation and creative destruction. He believed that the relentless pursuit of profit by entrepreneurs drives technological advancements and economic growth, leading to the replacement of old industries and products with new ones. This process, known as creative destruction, is essential for the long-term health and vitality of the capitalist system.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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