What term did economist Joseph Schumpeter give to the arrival of new products on the market, either complementing or substituting for an existing product?

Question

Quizplus · Accepted Answer

According to Schumpeter, "creative construction" occurs when the economy moves from the static model of market equilibrium of planned production and consumption to one of dynamic movement and change, where new products come on the market and either complement or substitute for existing products.

What Term Did Economist Joseph Schumpeter Give to the Arrival