Explain why Max Weber has a strong belief that the strong protestant work ethic is the key to the development of capitalism. How did Peter Drucker perceive the presence of innovation and entrepreneurship?

Explain why Max Weber has a strong belief that the strong protestant work ethic is the key to the development of capitalism. How did Peter Drucker perceive the presence of innovation and entrepreneurship?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter2: Economic Systems And The American Economy

Section2.2: Characteristics Of The American Economy

Problem 4R

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

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