Schumpeter Theory of Economic Development | Development Economics | Learn Oikonomia
This video discusses Schumpeter Model of Economic Development
According to Schumpeter, the process of technological change in a free market consists of three parts: invention (conceiving a new idea or process), innovation (arranging the economic requirements for implementing an invention), and diffusion (whereby people observing the new discovery adopt or imitate it).
#SchumpeterModelofEconomicDevelopment #Innovationtheoryofprofit #developmenteconomics #learnoikonomia
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