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Principles of Micro
Economic History of the Soviet Union
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1. In “the Theory of Economic Development,” Joseph Schumpeter proposed that _______________ are creative forces which drive economic development.
2. Economist Joseph Schumpeter proposed that as an economy grows and new businesses are created and grow, old businesses and sectors cease to exist and old ideas are replaced by new ideas. This idea is more commonly known as ________________________.
the inventive replacement principle
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Copyright 2012 - Tyler Cowen and Alex Tabarrok