Criticisms of Schumpeter’s Theory of Economic Development
The following points highlight the nine major criticisms of Schumpeter’s theory of economic development. Criticism # 1. Role of innovator emphasized: Schumpeter theory highlights the role of innovator as the prime mover of economic development. The analysis of the entrepreneurial innovation is highly useful in the development of capitalism. Innovations are only one of many factors causing cyclical fluctuations in [...]