Marginal Revolution University Learn, Teach, and Share
Principles of Micro
Principles of Macro
See All 16 Courses
You are here
» People (References/Optional) »
» Practice Questions
1. In “the Theory of Economic Development,” Joseph Schumpeter proposed that _______________ are creative forces which drive economic development.
2. Economist Joseph Schumpeter proposed that as an economy grows and new businesses are created and grow, old businesses and sectors cease to exist and old ideas are replaced by new ideas. This idea is more commonly known as ________________________.
the inventive replacement principle