CSEET · Economic and Business Environment · Entrepreneurship Scenario
Which economist is most closely associated with the view that the entrepreneur is an innovator who disturbs the existing equilibrium through 'creative destruction'?
Joseph Schumpeter is associated with this view. He saw the entrepreneur as an innovator who introduces new products, methods or markets, thereby breaking the existing equilibrium and replacing old ways, which he called creative destruction.
- AAdam Smith
- BJoseph SchumpeterCorrect
- CAlfred Marshall
- DJohn Maynard Keynes
Explanation
Joseph Schumpeter described the entrepreneur as an innovator who introduces new combinations such as new products or methods, displacing old ones. Keynes is known for theories of aggregate demand and employment, and Adam Smith for the division of labour and the market mechanism, not for this concept.
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