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.

Question

Quizplus · Accepted Answer

According to Joseph Schumpeter, economic growth is achieved through a process termed "creative destruction," which involves the continual creation and introduction of new products and technologies that displace established ones. This leads to not just incremental growth but whole new industries and forms of economic activity. Therefore, option C is the best choice. The other options are incorrect because Schumpeter believed that economic progress relies on entrepreneurship and innovation, not just improving existing products, centralizing production, or removing entrepreneurs.

According to Joseph Schumpeter,economic Growth Is Achieved Through