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Product Market Competition, Creative Destruction and Innovation

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  • Griffith, Rachel
  • Van Reenen, John

Abstract

We examine the economic analysis of the relationship between innovation and product market competition. First, we give a brief tour of the intellectual history of the area. Second, we examine how the Aghion-Howitt framework has influenced the development of the literature theoretically and (especially) empirically, with an emphasis on the “inverted U†: the idea that innovation rises and then eventually falls as the intensity of competition increases. Thirdly, we look at recent applications and development of the framework in the areas of competition policy, international trade and structural Industrial Organization.

Suggested Citation

  • Griffith, Rachel & Van Reenen, John, 2021. "Product Market Competition, Creative Destruction and Innovation," CEPR Discussion Papers 16763, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16763
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    Cited by:

    1. is not listed on IDEAS
    2. Andreas Teichgraeber & John Van Reenen, 2022. "A policy toolkit to increase research and innovation in the European Union," POID Working Papers 025, Centre for Economic Performance, LSE.
    3. Renaud Foucart & Amanda De Pirro, 2022. "Of Shrimp and Men," Working Papers 352589140, Lancaster University Management School, Economics Department.
    4. Alessio Terzi & Monika Sherwood & Aneil Singh, 2023. "European industrial policy for the green and digital revolution," Science and Public Policy, Oxford University Press, vol. 50(5), pages 842-857.
    5. Somohano-Rodríguez, Francisco M. & Madrid-Guijarro, Antonia, 2022. "Do industry 4.0 technologies improve Cantabrian manufacturing smes performance? The role played by industry competition," Technology in Society, Elsevier, vol. 70(C).

    More about this item

    Keywords

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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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