Economics · Theories of Economic Growth
According to Joseph Schumpeter, economic development is driven by innovation, which primarily implies which of the following concepts?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Creation of new combinations leading to 'creative destruction'✓
- 2Merely incremental technological improvement of existing processes
- 3State-directed industrial policy and ownership
- 4Maintaining a continuous static equilibrium between savings and investment
Correct answer
Creation of new combinations leading to 'creative destruction'
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