Answer to Question #320565 in Economics for Mark

Question

Explain the main contribution for Joseph Schumpeter, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Answer 1

Schumpeter made many contributions to economic science and political theory, but he is best known for his 1942 book Capitalism, Socialism, and Democracy, which outlines the theory of dynamic economic growth known as creative destruction.