The sequencing process of schumpeter model of development is
Answers
Explanation:
Schumpeter regards economic development as a dynamic and discontinuous process. The society progresses through trade cycles. In order to break the circular flow, the innovating entrepreneurs are financed by bank credit expansion. ... The spread of innovation can be explained with the help of a figure.
Answer:
Entrepreneurship:
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or proce
Schumpeter Theory on Brief:
“Schumpeter emphasized the role of the innovator-be-, the innovator, the developer, the promoter, the person who initiatives and recognizes technical improvements and who succeeds in getting them introduced” (Samuelson, 1980). The inventor in business terms is the entrepreneur whose function is entrepreneurship, which is the spring of all business innovations and improvements, and the main source economic development (Samuelson, 1980). Thus, the sequence of economic development is entrepreneur entrepreneurship innovations business and economic development. Innovate or perish is the ‘Schumpeter’s ideology. The reward for entrepreneurship is profit.