Statement-1: Schumpeter believed that economic development is driven by innovative entrepreneurs who bring about “creative destruction.”
Statement-2: Schumpeter's theory suggests that entrepreneurship leads to the elimination of older industries and technologies.
Which of the following options is correct?
1
Both Statement-1 and Statement-2 are correct
2
Statement-1 is correct, but Statement-2 is incorrect
3
Statement-1 is incorrect, but Statement-2 is correct
4
Both Statement-1 and Statement-2 are incorrect