According to Joseph Schumpeter, economic growth is achieved through
A)focusing only on making old products better rather than inventing new ones.
B)centralizing economic production.
C)a process termed "creative destruction."
D)removing the entrepreneur from the production function.
E)protection of existing firms.

Question

Quizplus · Accepted Answer

Joseph Schumpeter believed that economic growth is achieved through a process he called "creative destruction," which refers to the constant cycle of innovation and obsolescence that drives economic progress. This involves the introduction of new products, technologies, and business models that disrupt existing industries and create new ones. This process, according to Schumpeter, is driven by entrepreneurs who are willing to take risks and invest in new ideas. Therefore, the correct answer is C.

According to Joseph Schumpeter, Economic Growth Is Achieved Through