The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?
A)Arnold Harberger
B)Joseph Schumpeter
C)Sergey Brin
D)Donald Turner

Question

Quizplus · Accepted Answer

The possibility that market power may benefit the economy is closely identified with Joseph Schumpeter, who coined the term "creative destruction." Schumpeter believed that market power encouraged innovation and investment, which in turn led to economic growth. He argued that this process was essential for capitalism to work effectively and that competition could sometimes be wasteful and counterproductive.

The Possibility That the Economy May Benefit from Having Market