Answer to Question #211967 in Macroeconomics for geoffrey

Question

Creative destruction is an innovation theory, which was first coined by Austrian economist Joseph Schumpeter in 1942. The theory proposes…

Answer 1

Creative destruction is an innovation theory, which was first coined by Austrian economist Joseph Schumpeter in 1942. The theory proposes that long-standing arrangements and assumptions must be destroyed to free up resources and energy to be deployed for innovation.