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What is Schumpeter theory & what is the innovation theory by Joseph Schumpter? in depth explaination

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Economics

What is Schumpeter theory & what is the innovation theory byJoseph Schumpter? in depth explaination

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Schumpeters Theory of Innovation states that business innovations are an important factor for the increase in investments and any fluctuations in business Schumpeter stated that innovation results in growth of the organization Under innovation he included changes in production methods changes in transportation methods new product development entering new markets etc Innovation doesnt necessarily need to include innovation but more integrated and efficient way to apply technology utilize new materials and more productivity    See Answer
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