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CSEET · Economic and Business Environment · Entrepreneurship Scenario

Which economist is most closely associated with the view that the entrepreneur is an innovator whose 'creative destruction' drives economic development?

Joseph Schumpeter is associated with the idea of the entrepreneur as an innovator. He argued that introducing new products, methods or markets causes creative destruction of older ways, and this process drives economic development, unlike the other economists named, who are known for different theories.

  1. AJoseph SchumpeterCorrect
  2. BAdam Smith
  3. CJohn Maynard Keynes
  4. DDavid Ricardo

Explanation

Joseph Schumpeter described the entrepreneur as an innovator who introduces new combinations such as new products, methods or markets, disrupting existing ones. Smith, Keynes and Ricardo are known for other theories such as division of labour, aggregate demand and rent or comparative advantage.

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