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Economic Thought Evolution.pdf

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Preview of Economic Thought Evolution
🔗 Source: isid.org.in
📊 Size: 159 KB
👤 Author: M.M.K. Sardana
⬇️ Downloads: 72

Summary

Innovation and technological development are now seen as crucial for economic development, but earlier economic thinkers marginalized their importance compared to land, labor, and capital. Classical economists like Adam Smith, David Ricardo, and Karl Marx had varying views on innovation, with some recognizing its benefits, but overall, it was not considered a key factor in economic processes. It wasn't until the 20th century that economists like Schumpeter emphasized the role of innovation and entrepreneurship in economic development, marking a paradigm shift in economic theory.

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Innovation and technological development are now seen as crucial for economic development, but earlier economic thinkers marginalized their importance compared...

Technical Information

  • File Format: PDF
  • File Size: 159 KB
  • Pages: 8
  • Language: EN
  • Author: M.M.K. Sardana
  • Total Downloads: 72
  • Last Updated: 4 hours ago

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