d) Joseph Schumpeter

Joseph Schumpeter, a renowned economist, is famous for his theory of “creative destruction” in economics. This concept describes the process by which old industries or technologies are continually destroyed and replaced by new, more efficient ones. Schumpeter argued that this cycle of innovation and obsolescence is a crucial driver of economic growth and progress. His ideas have had a significant influence on the understanding of how economies evolve and the importance of innovation and entrepreneurship. Schumpeter’s work remains highly relevant in today’s fast-paced, technology-driven economic landscape.