According to Joseph Schumpeter which of the following would be an indicator of on-going economic growth?
A)new products displacing older ones
B)growing concentration of wealth
C)a more equal distribution of wealth
D)growing government deficits
E)consolidation of firms in key industries

Question

Quizplus · Accepted Answer

Schumpeter believed that economic growth was driven by innovation and creative destruction, which would result in new products and ideas displacing older ones. Therefore, the presence of new products displacing older ones would be indicative of on-going economic growth. The other options are not necessarily indicators of economic growth according to Schumpeter's theory.

According to Joseph Schumpeter Which of the Following Would Be