In the context of economics, which of the following best describes the process of Creative Destruction?
1
It refers to decline in the quality of social infrastructure in an economy as result of low spending by the successive governments.
2
It refers to a situation where high inflation rates in an economy tends to decrease the investment levels.
3
It refers to change in economic structure where old industrial units are replaced by innovative and novel production units.
4
It refers to process in which government policies unintentionally hinders the development of industries with creative potential.