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What Do We Learn From Schumpeterian Growth Theory?

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Author Info

  • Aghion, Philippe

    ()
    (Harvard University, NBER, and CIFAR.)

  • Akcigit, Ufuk

    ()
    (University of Pennsylvania and NBER.)

  • Howitt, Peter

    ()
    (Brown University and NBER.)

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    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 which 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; (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.

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    Bibliographic Info

    Paper provided by Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies in its series Working Paper Series in Economics and Institutions of Innovation with number 298.

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    Length: 42 pages
    Date of creation: 18 Feb 2013
    Date of revision:
    Handle: RePEc:hhs:cesisp:0298

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    Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
    Phone: +46 8 790 95 63
    Web page: http://www.infra.kth.se/cesis/
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    Related research

    Keywords: Creative destruction; entry; exit; competition; firm dynamics; reallocation; R&D; industrial policy; technological frontier; Schumpeterian wave; general purpose technology;

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    References

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    Cited by:
    1. Dirk Dohse & Robert Gold, 2014. "Determining the Impact of Cultural Diversity on Regional Economies in Europe," WWWforEurope Working Papers series 58, WWWforEurope.
    2. Sina T. Ates & Felipe E. Saffie, 2013. "Project Heterogeneity and Growth: The Impact of Selection," PIER Working Paper Archive 13-011, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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