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Our discussion in this module tells us what we can expect in the long run: zero economic profits across industries. If this were the case,
Our discussion in this module tells us what we can expect in the long run: zero economic profits across industries. If this were the case, and this fate were unavoidable, going into business would seem to be a fairly dismal choice, given that the end result of zero profits is known right out of the gate. Despite this, we constantly see entrepreneurs working hard to earn profits. Is this a waste of time? Is the fate of zero profit unavoidable? In your own words, what would Joseph Schumpeter say about all of this
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