The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?

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24-08-2022
Business

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The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?

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harshsuts054 harshsuts054 · Answer 1 · 2022-08-31T10:09:29+02:00

The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with Joseph Schumpeter.

Three decades later, in Capitalism, Socialism, and Democracy (published in 1942), Schumpeter advanced the theory that large firms with market power accelerate the rate of innovation. Market power is inherent to Schumpeterian growth—new firms may emerge and eventually come to dominate an industry through “creative destruction”. The term "creative destruction" was created by him to explain how the old is continually being replaced by the new. According to Schumpeter, economic development is not smooth and progressive but rather fragmented, abrupt, and occasionally unpleasant.

Additionally, Schumpeter introduced the idea of entrepreneurship. Though John Maynard Keynes' opposing theories first cast a shadow over Schumpeter's work, it has since come to dominate our understanding of how economies develop.

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