Final answer:
Schumpeter's theory of competitive innovations is called 'creative destruction.' It describes how innovation continually transforms the economy. This differs from the theory of imperfect competition by Edward Chamberlin and Joan Robinson, which centers on monopolistic competition and its outcomes.
Step-by-step explanation:
Schumpeter's theory of competitive innovations is commonly referred to as creative destruction. This concept is a central element of Schumpeter's view on how capitalist economies evolve, suggesting that innovation by entrepreneurs leads to the continuous destruction and renewal of the economic landscape, ultimately driving economic growth. In contrast, the theory of imperfect competition was developed by Edward Chamberlin and Joan Robinson, focusing on market structures like monopolistic competition where firms can earn profits in the short run and no economic profits in the long run due to the entry of new firms.