Question : Who developed the innovations theory of profit?
Option 1: Francis Amasa Walker
Option 2: John Bates Clark
Option 3: Frank Hyneman Knight
Option 4: Joseph Alois Schumpeter
Correct Answer: Joseph Alois Schumpeter
Solution : The correct answer is Joseph Alois Schumpeter.
Austrian economist Joseph Alois Schumpeter established the profit innovation idea. He claimed that profits are earned by entrepreneurs who propose new goods, methods, or company models. These innovations interrupt established markets and open up new economic potential.
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