Economics · Economic Growth and Development
'Creative destruction' is often discussed in economics. Consider the following statements regarding it: 1. It refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. 2. The term was popularized by Joseph Schumpeter. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11 only
- 22 only
- 3Both 1 and 2✓
- 4Neither 1 nor 2
Correct answer
Both 1 and 2
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