Asked by Claudia Reyes on Jun 18, 2024
Verified
Joseph Schumpeter said that profits were a reward for _________;Frank Knight said that profits were a reward for _________.
Joseph Schumpeter
An economist known for his theories on business cycles and innovation as the driving force behind capitalism.
Frank Knight
An influential economist known for his work on risk, uncertainty, and profit, contributing significantly to the field of economics.
Reward For Innovation
Financial or other incentives provided to encourage the development and implementation of new ideas, processes, or products.
- Differentiate between various theories on the sources of profit, including innovation and risk-taking.
Verified Answer
Learning Objectives
- Differentiate between various theories on the sources of profit, including innovation and risk-taking.
Related questions
The Theory That Profits Are a Reward for Taking Risks ...
The Four Somewhat Overlapping Theories of How the Entrepreneur Is ...
According to Karl Marx,surplus Value Is Created When the Capitalist ...
Jay Sorensen,who Invented the Java Jacket,earned Profits as ...
Statement I: Joseph Schumpeter Believed That Innovations Were Not Evenly ...