Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

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Joseph Schumpeter's concept of creative destruction argues that entrepreneurs play a crucial role in driving economic growth by introducing new products and technologies, which render older products and technologies obsolete. This process leads to a constant cycle of innovation, growth, and renewal in the economy, which is beneficial for long-term economic development. Therefore, Schumpeter believed that creative destruction is a positive force that stimulates economic activity.

Joseph Schumpeter Argued That Entrepreneurs Develop New Products and Technologies