ENTREPRENEURSHIP

Detailed explanation-1: -theory of supply-determined growth Kaldor assumed that there is a mechanism at work generating full employment. Simply stated, in his model an inadequate rate of investment will be offset by shifts in the distribution of income between profits and wages, which will cause consumption to change in a…

Detailed explanation-2: -This concept was developed by Allyn A. Young in an article published in 1928 (Young, 1928). Allyn A. Young was a professor of Nicholas Kaldor and was an important influence on his intellectual life.

Detailed explanation-3: -Schumpeter believed that capitalism would ultimately be destroyed by its success. He hypothesized that the economic system would eventually create a large intellectual class that survived by attacking the system of private property and freedom that was necessary for sustaining its own existence.