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Aghion And Howitt’s Basic Schumpeterian Model Of Growth Through Creative Destruction: A Geometric Interpretation

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  • Mário Alexandre P. M. Silva

    () (Faculdade de Economia da Universidade do Porto, Portugal)

Abstract

The present paper takes a geometric approach to characterize the competitive forces behind innovation and dynamic general equilibria determination in the model of growth through creative destruction constructed by Aghion and Howitt (1992). All can be comprehended intuitively from the geometric presentation. While Aghion and Howitt‘s original presentation of the basic model was essentially analytical, often with fairly intricate mathematics focusing on stationary equilibria with positive growth, the geometric presentation taken here has the benefit of making what in the original paper was a bundle of mathematical notation more comprehensible intuitively.

Suggested Citation

  • Mário Alexandre P. M. Silva, 2007. "Aghion And Howitt’s Basic Schumpeterian Model Of Growth Through Creative Destruction: A Geometric Interpretation," FEP Working Papers 248, Universidade do Porto, Faculdade de Economia do Porto.
  • Handle: RePEc:por:fepwps:248
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    References listed on IDEAS

    as
    1. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    2. Sinclair, Peter J N, 1981. "When Will Technical Progress Destroy Jobs?," Oxford Economic Papers, Oxford University Press, vol. 33(1), pages 1-18, March.
    3. Scherer, F M, 1972. "Nordhaus' Theory of Optimal Patent Life: A Geometric Reinterpretation," American Economic Review, American Economic Association, vol. 62(3), pages 422-427, June.
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    Keywords

    Endogenous growth; innovation; creative destruction; general equilibrium;

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