McqMate
| Q. |
The development process under Capitalism has been described as "Creative Destruction" by - |
| A. | Schumpeter |
| B. | Karl Marx |
| C. | Hansen |
| D. | J. S. Mill |
| Answer» A. Schumpeter | |
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Explanation: The concept of 'Creative destruction' in economics is associated with the Austrian American economist Joseph Schumpeter. He derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. According to Schumpeter's theory, creative destruction will lead, to the eventual failure of capitalism. |
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