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    Schumpeter's theory of economic development focuses on the process of "creative destruction" where new innovations and technologies replace outdated products and methods of production. This process of "creative destruction" drives economic growth and development by constantly revolutionizing the economic structure from within through the emergence of new technologies and industries that displace older ones. Schumpeter argues that entrepreneurs play a key role in this process by introducing new innovations and driving competition that disrupts existing markets.

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    Schumpeter's theory of economic development focuses on the process of "creative destruction" where new innovations and technologies replace outdated products and methods of production. This process of "creative destruction" drives economic growth and development by constantly revolutionizing the economic structure from within through the emergence of new technologies and industries that displace older ones. Schumpeter argues that entrepreneurs play a key role in this process by introducing new innovations and driving competition that disrupts existing markets.

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    Citation 228247192

    Uploaded by

    mobrno
    Schumpeter's theory of economic development focuses on the process of "creative destruction" where new innovations and technologies replace outdated products and methods of production. This process of "creative destruction" drives economic growth and development by constantly revolutionizing the economic structure from within through the emergence of new technologies and industries that displace older ones. Schumpeter argues that entrepreneurs play a key role in this process by introducing new innovations and driving competition that disrupts existing markets.

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    Alois Schumpeter, Joseph. (1934).

    The Theory of Economic Development: An Inquiry


    Into Profits, Capital, Credit, Interest, and the Business Cycle. 55. .

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