Schumpeter's concept of __________ refers to the process of economic transformation that is associated with the ongoing mutation of capitalism.

Question

Quizplus · Accepted Answer

Schumpeter's concept of creative destruction refers to the process by which new innovations and technologies replace outdated ones, leading to the creation of new industries and the decline of old ones. This process is seen as a key driver of economic growth and transformation in capitalism, as it allows for continual innovation and development.

Schumpeter's Concept of __________ Refers to the Process of Economic