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🏠 Home › MCQs › Business and Economics › Question

According to Joseph Schumpeter, what is the primary role of the entrepreneur in economic development?

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By Zain

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Source Companies and Entrepreneurs Knowledge Database

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Fact Checked

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Difficulty Medium

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Published 07 Feb 2026

A. Mobilizing idle savings for capital formation.

B. Maximizing efficiency in a static market.

C. Introducing innovations that drive "creative destruction."

D. Balancing regional disparities through investment.

💡 Explanation:

Joseph Schumpeter's theory of economic development posits that the entrepreneur's fundamental role is to introduce innovations. This process, which he termed "creative destruction," is the force that disrupts existing economic equilibrium by replacing outdated products, methods, or organizational structures with new and more efficient ones, thereby driving growth.

📚 Topics: Business and Economics Companies and Entrepreneurs

🎯 Exams: CSS GEN NTS PMS UK_CS US_COMP

🏷️ Tags: Business Cycles Economic Development Economics Theory Entrepreneurship Innovation

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