According to Schumpeter
(a) Trade cycle is purely monetary phenomenon.
(b) Trade cycles occur as a result of innovations which take place in system.
(c) Trade cycles result due to faulty business decisions of USA.
(d) None of the above.
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Joseph Schumpeterconsidered trade cycles to be the result of innovation activity of the entrepreneurs in a competitive economy. In his view trade cycles are an inherent part of the process of economic growth of a capitalist society. ...Schumpeter develops his model of the trade cycle as consisting of two stages.
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