The development process under Capitalism has been described as “Creative Destruction” by
(A) Schumpeter
(B) Karl Marx
(C) Hansen
(D) J. S. Mill
Correct Answer : Schumpeter
Question Asked : SSC CHSL (10+2) LDC, DEO & PA/SA Exam 2015
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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