The Schumpeterian Growth Model

Angus Chu

Chapter 16 in Advanced Macroeconomics:An Introduction for Undergraduates, 2020, pp 129-138 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter, we cover the Schumpeterian quality-ladder model developed by Aghion and Howitt (1992) and follow the treatment of the model in Grossman and Helpman (1991). In the quality-ladder model, economic growth is driven by the development of higher-quality products that replace lower-quality products. Joseph Schumpeter (1942) argues that this process of creative destruction is the main engine of long-run economic growth…

Keywords: Macroeconomics; Dynamic General Equilibrium; Economic Growth; Endogenous Technological Change; Monetary Policy; Fiscal Policy; Business Cycles; Unemployment; Market Failure; The Neoclassical Growth Model; The Romer Model; The Schumpeterian Growth Model; The Solow Growth Model; The Ramsey Model; The New Keynesian Model (search for similar items in EconPapers)
JEL-codes: E6 E62 E66 F4 F43 O11 (search for similar items in EconPapers)
Date: 2020
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