Question : By whom was the autonomous investment separated from induced investment?
Option 1: Joseph Alois Schumpeter
Option 2: Thomas Robert Malthus
Option 3: Joan Robinson
Option 4: Adam Smith
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Correct Answer: Joseph Alois Schumpeter
Solution : The correct answer is Joseph Alois Schumpeter.
Joseph Alois Schumpeter is credited with first distinguishing between autonomous and induced investment. According to him, the driving force behind economic progress is an autonomous investment, which is characterised by a motivation to innovate and create new goods and services rather than being solely driven by profit expectations. According to Joseph Alois Schumpeter, the induced investment may occur only when the autonomous investment has established fresh marketplaces and possibilities. Induced investment is investment conducted in response to increasing demand for products and services.
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