Economic Growth and Development-Sen's Capability Approach to Economic Development [IEcoS (Economic Services) Economics Paper-2]: Questions 1 - 1 of 1

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Question number: 1

» Economic Growth and Development » Sen's Capability Approach to Economic Development


Appeared in Year: 2017

Essay Question▾

Describe in Detail

Describe Schumpeter’s concept of Innovation.


  • Schumpeter assumes a perfectly competitive economy, which is in stationary equilibrium.

    • In such a stationary state, there is perfect competitive equilibrium: no profits, no interest rates, no savings, no investments, and no involuntary unemployment.

    • This equilibrium is characterized by Schumpeter as “circular flow”.

  • In a circular flow, from which we a

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