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Question : Who propounded the Innovation theory of profits ? 

Option 1: J .A. Schumpeter 

Option 2: P .A. Samuelson 

Option 3: Alfred Marshall 

Option 4: David Ricardo 


Team Careers360 11th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

Correct Answer: J .A. Schumpeter


Solution : The correct option is J .A. Schumpeter .

Austrian economist Joseph Schumpeter developed the Innovation Theory of Profits. The introduction of innovations, which Schumpeter defined as the introduction of new goods, processes, markets, or organizational structures inside an industry, is how entrepreneurs can make money, in his opinion. According to Schumpeter, these breakthroughs cause what he called "creative destruction," in which new technology and processes replace outdated ones and cause changes and disruptions in markets. He felt that the invention and creative destruction process was what spurred economic expansion and prosperity.

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