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What Do We Learn From Schumpeterian Growth Theory?

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  • Philippe Aghion

    ()
    (Department of Economics, Harvard University)

  • Ufuk Akcigit

    ()
    (Department of Economics, University of Pennsylvania)

  • Peter Brown

    ()
    (Department of Economics, Brown University)

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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 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.

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    Bibliographic Info

    Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 13-026.

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    Length: 43 pages
    Date of creation: 03 Jun 2013
    Date of revision:
    Handle: RePEc:pen:papers:13-026

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    Related research

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

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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, WWWforEurope 58, WWWforEurope.
    2. L. Lambertini & G. Zaccour, 2014. "Inverted-U aggregate investment curves in a dynamic game of advertising," Working Papers wp954, Dipartimento Scienze Economiche, Universita' di Bologna.

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