Economics · Economic Growth and Development
According to Joseph Schumpeter's theory of economic development, which of the following statements is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Development is a discontinuous and cyclical process driven by innovations introduced by entrepreneurs.✓
- 2Development is driven primarily by minor changes in consumer preferences.
- 3The expansion of output is strictly limited by the accumulation of real physical savings.
- 4Economic development is a continuous and smooth evolutionary process.
Correct answer
Development is a discontinuous and cyclical process driven by innovations introduced by entrepreneurs.
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