Why Did Schumpeter Call the Technology Cycle One of Creative

question 18

Essay

Why did Schumpeter call the technology cycle one of creative destruction? In your answer explain what is meant by this term and why it is appropriately applied to the technology cycle.

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Definitions:

Manufacturing Resource Planning

Manufacturing Resource Planning (MRP II) is an integrated method for effective planning of all resources of a manufacturing company.

Production Control

A business function that involves managing and directing the production process, ensuring products are produced efficiently, at the right quality, quantity, and cost.

Production Process

The method or series of actions taken to create a product or service, starting from raw materials to the final output.

Decorative Sculptures

Art pieces designed primarily for aesthetic appeal and ornamental purposes, rather than functional use.