Schumpeterian Growth Theory and the Dynamics of Income Inequality*
نویسنده
چکیده
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 of quality-improving innovations each of which destroys the rents generated by previous innovations, provides important insights into this relationship. The main focus of this lecture will be on the interplay between endogenous technical change arising from quality improving innovation and the dynamics of the wage structure. This will provide us with a greater understanding of two important "puzzles" raised by the recent
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