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What Do We Learn From Schumpeterian Growth Theory?

Philippe Aghion, Ufuk Akcigit () and Peter Howitt ()

Chapter 0 in Handbook of Economic Growth, 2014, vol. 2, pp 515-563 from Elsevier

Abstract: Schumpeterian growth theory has operationalized Schumpeter’s notion of creative destruction by developing models based on this concept. These models shed light on several aspects of the growth process that could not be properly addressed by alternative theories. In this survey, we focus on four important aspects, namely: (i) the role of competition and market structure; (ii) firm dynamics; (iii) the relationship between growth and development with the notion of appropriate growth institutions; and (iv) the emergence and impact of long-term technological waves. In each case, Schumpeterian growth theory delivers predictions that distinguish it from other growth models and which can be tested using micro data.

Keywords: Creative destruction; Entry; Exit; Competition; Firm dynamics; Reallocation; R&D; Industrial policy; Technological frontier; Schumpeterian wave; General-purpose technology (search for similar items in EconPapers)
JEL-codes: O10 O11 O12 O30 O31 O33 O40 O43 O47 (search for similar items in EconPapers)
Date: 2014
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Related works:
Working Paper: What Do We Learn From Schumpeterian Growth Theory? (2013) Downloads
Working Paper: What Do We Learn From Schumpeterian Growth Theory? (2013) Downloads
Working Paper: What Do We Learn From Schumpeterian Growth Theory? (2013) Downloads
Working Paper: What Do We Learn From Schumpeterian Growth Theory? (2013) Downloads
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