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[Adam Smith vs. Schumpeter] Both Adam Smith and Joseph Schumpeter suggested that intentional innovative activity, carried out by producers who act in their own interest,

[Adam Smith vs. Schumpeter] Both Adam Smith and Joseph Schumpeter suggested that intentional innovative activity, carried out by producers who act in their own interest, is important for economic growth. Briey explain whether Smiths and Schumpeters explanations of planned innovation, also known today as research and development (R&D), are in agreement or are fundamentally dierent.

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