According to Schumpeter, which notion describes the 'process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one'?
A) creative absorption
B) creative imaginary
C) creative destruction
D) none of these

Question

Quizplus · Accepted Answer

Schumpeter's notion of "creative destruction" describes the constant process of innovation and change in the economy, which leads to the destruction of old industries and the creation of new ones. It is an essential concept in understanding economic growth and development.

According to Schumpeter, Which Notion Describes the 'Process of Industrial