Author
Listed:
- Mariana Mazzucato
- Massimiliano Tancioni
Abstract
[eng] The paper argues that micro and macro economists interested in the dynamics of creative destruction can gain important insights by using indices that capture the effect of innovation on the "relative" position of firms. This is due to the (often) uneven and destructive effect that innovation has on firm rankings. One such index is the market share instability index. On the financial side, the excess volatility of stock priees and idiosyncratic risk also appear to capture the uneven dynamics of creative destruction. The paper concludes by considering the implications of these propositions for economy-wide growth during periods of radical innovation (e.g. GPTs). [fre] Cet article propose que les micro et macro économistes s'intéressant à la dynamique de la création destructrice gagneraient en pertinence en utilisant des indices rendant compte de l'effet de l'innovation sur la position « relative » des firmes. Ceci est dû à l'effet (souvent) irrégulier et destructeur de l'innovation sur le classement des entreprises. Nous qualifions un tel indice d'indice d'instabilité des parts de marché. D'un point de vue financier, la volatilité accrue du prix des actions et les risques idiosyncrasiques parviennent aussi à rendre compte de la dynamique irrégulière de la destruction créatrice. L'article conclut en discutant les implications de ces propositions sur la croissance économique dans les périodes d'innovations radicales.
Suggested Citation
Mariana Mazzucato & Massimiliano Tancioni, 2005.
"Indices that Capture Creative Destruction : Questions and Implications,"
Revue d'Économie Industrielle, Programme National Persée, vol. 110(1), pages 199-220.
Handle:
RePEc:prs:recind:rei_0154-3229_2005_num_110_1_3079
DOI: 10.3406/rei.2005.3079
Note: DOI:10.3406/rei.2005.3079
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