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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


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

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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