Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 How does the continual hunt for super profit drive ongoing technical change in modern industrial societies? Who are the winners and losers in this

1

How does the continual hunt for super profit drive ongoing technical change in modern industrial societies? Who are the winners and losers in this process? In your answer refer to at least one of the following: (ONLY REFER TO ONE OF A ORB)

a. The Theory of Value

b. Schumpeter’s process of creative destruction


Question 2

What is economic rent? Explain “technical” rent as a variety of economic rent. Why are relatively enduring super profits associated with innovation often referred to as “technical” rents? Given that renters do not create extra value in the economy, from where in your opinion are their super profits derived? Explain your answer.

Step by Step Solution

3.33 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Basically the theory of creative destruction assumes that longstanding arrangements and assumptions must be destroyed to free up resources and energy to be deployed for innovation To Schumpeter econom... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson

3rd Canadian edition

1319120083, 1319120085, 1319190111, 9781319190118, 978-1319120054

More Books

Students also viewed these Marketing questions

Question

Who are the winners and losers in periods of inflation?

Answered: 1 week ago

Question

What basic rights must attach to at least one class of shares?

Answered: 1 week ago