Technical progress and growth since the crisis

Philippe Aghion () and Céline Antonin
Additional contact information
Philippe Aghion: Harvard University

SciencePo Working papers Main from HAL

Abstract: The 2008 crisis revived doubts about growth and resuscitated the debate on secular stagnation initiated by Hansen in 1938. Particularly in a post-crisis context of zero or very low growth, Schumpeterian theory may seem to be outdated. Nevertheless, in this article, we show that it remains a valid conceptual framework. We begin by recalling the main highlights of Schumpeter's model of growth. We then argue that this conceptual framework remains relevant to many aspects of growth, notably secular stagnation, structural reforms and the debate on inequality. We show that because of creative destruction, the growth in productivity induced by innovation is underestimated. In addition, we explain why the Schumpeterian framework calls for a complementarity between structural reforms and macroeconomic policy. Finally, we show the positive impact of innovation and creative destruction on social mobility.

Keywords: Technical progress; Growth; Schumpeter; Innovation; Secular stagnation; Inequality; Structural reforms (search for similar items in EconPapers)
Date: 2018-09
Note: View the original document on HAL open archive server: https://hal.science/hal-03384666
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Revue de l'OFCE, 2018, Whither the Economy?, 3 (157), pp.55-68. ⟨10.3917/reof.157.0055⟩

Downloads: (external link)
https://hal.science/hal-03384666/document (application/pdf)

Related works:
Journal Article: Technical Progress and Growth since the Crisis (2018)
Working Paper: Technical progress and growth since the crisis (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03384666

DOI: 10.3917/reof.157.0055

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics ().