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
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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these breakthroughs cause what he called "creative destruction," in which new technology and processes replace outdated ones and cause changes and disruptions in markets.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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