Joseph Schumpeter viewed competition as:
A)An unstable and dynamic field where more destruction exists than creation
B)A gale of creative destruction
C)A breeze of creative destruction
D)Inevitable, unless technology improves or progresses

Question

Quizplus · Accepted Answer

Schumpeter coined the term "creative destruction" to describe the constant process in a competitive market economy where new innovations and technologies replace outdated ones, resulting in the destruction of old industries and the creation of new ones. He viewed this process as a gale or storm, rather than a steady breeze, and argued that it was the driving force behind capitalism's success.

Joseph Schumpeter Viewed Competition As