All of the following are keys to economic development EXCEPT
A) an educated workforce.
B) establishment of a system of property rights.
C) minimizing "creative destruction."
D) open economies.

Question

Quizplus · Accepted Answer

"Creative destruction" is a term coined by economist Joseph Schumpeter referring to the process by which new technologies and innovations replace older ones, often resulting in some businesses or industries being replaced by others. This process is actually seen as necessary for economic development, as it allows for new industries and businesses to emerge and grow. Therefore, minimizing creative destruction is not a key to economic development.

All of the Following Are Keys to Economic Development EXCEPT