Economics · Capitalism and Economic Theories
Directions: In the following items a pair of sentences (S1, S2) is given. Select the most appropriate and relevant co-relationship of the second sentence to the first from among the options. S1: Schumpeter's 'Creative Destruction' posits that the essential fact of capitalism is the 'perennial gale' of innovation that incessantly revolutionizes the economic structure from within. S2: This process, while driving progress, necessitates the painful obsolescence of established industries and the displacement of workers tied to older technologies. The second sentence:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Claims that capitalism is a static system focused on preservation.
- 2Provides a blueprint for preventing the displacement of workers.
- 3Highlights the inherent social and structural cost of the process.✓
- 4Denies that innovation has any impact on established industries.
Correct answer
Highlights the inherent social and structural cost of the process.
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