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Mastering the spirited horse: A review of The Economics of Creative Destruction

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  • Oliver Kovacs

    (University of Public Service, Department of Economics and International Economics, Faculty of Public Governance and International Studies)

Abstract

The publication of The Economics of Creative Destruction (2023), edited by Ufuk Akcigit and John Van Reenen, represents a definitive summation of the endogenous growth revolution initiated by Philippe Aghion and Peter Howitt in 1992. This comprehensive volume centers Joseph Schumpeter’s concept of creative destruction – the process by which innovation disrupts existing structures to pave the way for the new – and offers a rigorous framework for understanding productivity, inequality, and environmental sustainability. Our review aims at highlighting the volume’s revelatory power by synthesizing its nine parts through the lens of evolutionary economics. To this end, we explore the book’s hidden advocacy for a shift from quantitative to qualitative growth, and conclude by examining the critical nexus between Schumpeterian dynamism and the concept of degrowth.

Suggested Citation

  • Oliver Kovacs, 2026. "Mastering the spirited horse: A review of The Economics of Creative Destruction," Journal of Evolutionary Economics, Springer, vol. 36(2), pages 1-12, August.
    • Handle: RePEc:spr:joevec:v:36:y:2026:i:2:d:10.1007_s00191-026-00956-7
    DOI: 10.1007/s00191-026-00956-7
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    References listed on IDEAS

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    1. Hani Elzoumor & Ethan Gifford & Daniel Ljungberg, 2026. "Openness and appropriability of young innovative firms: Evidence from a large-scale survey study," Journal of Evolutionary Economics, Springer, vol. 36(1), pages 1-38, April.
    2. Rémy Guichardaz & Julien Pénin, 2019. "Why was Schumpeter not more concerned with patents?," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1361-1369, September.
    3. Rémy Guichardaz & Julien Pénin, 2019. "Why was Schumpeter not more concerned with patents?," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1361-1369, September.
    4. Oliver Kovacs, 2025. "The interdisciplinarity of degrowth: cross-fertilising disciplines for well-being," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 72(2), pages 1-38, December.
    5. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58(3), pages 211-211.
    6. Rémy Guichardaz & Julien Pénin, 2019. "Why was Schumpeter not more concerned with patents?," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1361-1369, September.
    7. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    8. Edmund Phelps, 2015. "Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change," Economics Books, Princeton University Press, edition 1, volume 1, number 10058-2, December.
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    Keywords

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    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General

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