منابع مشابه
Lessons from Schumpeterian Growth Theory
Formal models allow us to make verbal notions operational and confront them with data. Schumpeterian growth theory has “operationalized” Schumpeter’s notion of creative destruction -the process by which new innovations replace older technologies-, in two ways. First, it has developed models based on creative destruction that shed new light on several microeconomic aspects of the growth process:...
متن کاملPeter Howitt on Schumpeterian Growth Theory
Over the past 15 years, much of my time has been spent developing a new generation of endogenous growth theory, together with Philippe Aghion. Our original contribution was Aghion and Howitt (1992). We have since generalized the simple model of that paper considerably and applied it to a variety of different questions. Most of what we have done is contained in our recent book (Aghion and Howitt...
متن کاملSchumpeterian Growth Theory and the Dynamics of Income Inequality*
Recent growth theories' have been concerned mainly with the analysis of technical change and aggregate growth in economies with identical agents. This precludes any analysis of the relationship between growth and inequality. The purpose of this Walras-Bowley lecture is to argue that Schumpeterian Growth Theory (see Aghion-Howitt (1992, 1998)), in which growth is primarily driven by a sequence o...
متن کاملStochastic Growth in Schumpeterian Dynamics
This paper discusses three key elements of stochastic growth in the Schumpeterian dynamics. These elements comprise the new entry of firms in an industry, the displacement of the old technology by the new and the nonlinear impact of learning by doing on the growth of innovating firms. Each of these elements has important implications for the new theory of endogenous growth. * Department of Econ...
متن کاملGrowth, Cycles and Welfare: A Schumpeterian Perspective∗
We use a Schumpeterian model in which both the economys growth rate and its volatility are endogenously determined to assess some welfare and policy implications associated with business cycle ßuctuations. Because it features a higher average growth rate than its acyclical counterpart, steady state welfare is higher along the cyclical equilibrium growth path of the model. We assess the impact...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2015
ISSN: 0002-8282
DOI: 10.1257/aer.p20151067