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The Austrian-American economist Joseph Schumpeter, in contrast to many economists, was in favour of a free market in which monopolies could thrive. He believed that
The Austrian-American economist Joseph Schumpeter, in contrast to many economists, was in favour of a free market in which monopolies could thrive. He believed that monopolies arose because innovative entrepreneurs developed new, superior and profitable products and that existing monopolies would ultimately be destroyed by new, more innovative monopolies . Thus, said Schumpeter, overall monopolies were desirable for society.
If you were arguing against Schumpeter, what would you say?
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