The innovation theory of profit was proposed by
(A) Marshall
(B) Clark
(C) Schumpeter
(D) Joan Robbinson
Correct Answer : Schumpeter
Question Asked : SSC CGL Tier-I (CBE) Exam 2016
Explanation : The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations. In other words, innovation theory of profit posits that the main function of an entrepreneur is to introduce innovations and the profit in the form of reward is given for his performance.
....Read more
Useful Quotations for : UPSC, State PSC, IBPS, SSC, Railway, NDA, Police Exams
Like The Facebook Page
CurrentGK for
Current Affairs, Latest GK &
Employment News
Tags : macroeconomics
