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Creative destruction and aggregate productivity growth

Author

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  • Shigeru Fujita

Abstract

Productivity growth is the engine of economic growth and is responsible for rising standards of living. But all firms do not partake equally in the nation's productivity growth. Rather, according to economist Joseph Schumpeter's theory, firms undergo a process of \\"creative destruction\\": New firms that adapt to new knowledge cause the decline and eventual demise of incumbent firms. In \\"Creative Destruction and Aggregate Productivity Growth,\\" Shigeru Fujita surveys recent studies that examine the role of creative destruction in aggregate productivity growth.

Suggested Citation

  • Shigeru Fujita, 2008. "Creative destruction and aggregate productivity growth," Business Review, Federal Reserve Bank of Philadelphia, issue Q3, pages 12-20.
    • Handle: RePEc:fip:fedpbr:y:2008:i:q3:p:12-20
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2008/q3/brq308_geography-of-research.pdf
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    Citations

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    Cited by:

    1. Thorsten Drautzburg, 2016. "Just How Important Are New Businesses?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 1(4), pages 1-7, October.
    2. Ball, V. Eldon & San Juan, Carlos & Ulloa, Camilo A., 2011. "Agricultural productivity in the United States: catching-up and the business cycle," UC3M Working papers. Economics we1116, Universidad Carlos III de Madrid. Departamento de Economía.
    3. Ball, V. Eldon & San Juan, Carlos & Ulloa, Camilo, 2012. "State Productivity Growth: Catching Up and the Business Cycle," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 123334, Agricultural and Applied Economics Association.

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    Keywords

    Productivity;

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