Question

Joseph Schumpeter, an Austrian born and then Harvard University–based economist and sociologist, which has most influenced contemporary thinking about entrepreneurship. In Schumpeter’s view, entrepreneurs are innovators who drive the "­­­­­­­­__________" process, reforming or revolutionizing the pattern of production. (p.185)

Answer 1

Answer: Creative Destruction.

Explanation: Joseph Schumpeter is considered one of the leading economists of the 20th century, He was one of the first to believe that technological innovations can be an engine of capitalist development.

Schumpeter's work was marked, among others, by the economic cycle theory. According to him, in order for the economy to come out of a state of equilibrium and to start a race, it is necessary the emergence of some innovation from the economic point of view, which considerably alters the preconditions of equilibrium.