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One of the main arguments of Joseph Schumpeter's idea of "creative destruction" is that

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One of the main arguments of Joseph Schumpeter's idea of "creative destruction" is that

One of the main arguments of Joseph Schumpeter's idea of "creative destruction" is that

▸ monopolies create profits for themselves at the expense of the destruction of consumer surplus.

▸ perfectly competitive industries are characterized by more productive innovation and productivity growth than monopolistic industries, which Schumpeter regarded as destructive.

▸ short-run profits created by the existence of monopolies will lead to antitrust legislation, which will force the fragmentation of monopolies into competitive industries.

▸ monopoly profits lead to innovation in an effort to sustain those profits.

▸ the existence of monopolies leads to destruction of the environment.

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Microeconomics

Edition: 17^th

Author: Ragan

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This helped my grade so much Perfect

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