A Model Of Growth Through Creative Destruction
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A Model Of Growth Through Creative Destruction
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Author : Philippe Aghion
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1990
A Model Of Growth Through Creative Destruction written by Philippe Aghion and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Economic development categories.
This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogenous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both positive and normative implications for growth. In positive terms, the prospect of a high level of research in the future can deter research today by threatening the fruits of that research with rapid obsolescence. In normative terms, obsolescence creates a negative externality from innovations, and hence a tendency for laissez-faire economies to generate too many innovations, i.e too much growth. This "business-stealing" effect is partly compensated by the fact that innovations tend to be too small under laissez-faire. The model possesses a unique balanced growth equilibrium in which the log of GNP follows a random walk with drift. The size of the drift is the average growth rate of the economy and it is endogenous to the model ; in particular it depends on the size and likelihood of innovations resulting from research and also on the degree of market power available to an innovator.
The Power Of Creative Destruction
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Author : Philippe Aghion
language : en
Publisher: Belknap Press
Release Date : 2021-04-20
The Power Of Creative Destruction written by Philippe Aghion and has been published by Belknap Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-20 with Business & Economics categories.
Hayek Book Prize Finalist An Economist Best Book of the Year A Foreign Affairs Best Book of the Year From one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism. Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity. To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today’s most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday’s superstar innovators don’t pull the ladder up after them to thwart tomorrow’s. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.
Economic Growth
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Author : David N. Weil
language : en
Publisher: Routledge
Release Date : 2016-06-03
Economic Growth written by David N. Weil and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-03 with Business & Economics categories.
Why are some countries rich and others poor? David N. Weil, one of the top researchers in economic growth, introduces students to the latest theoretical tools, data, and insights underlying this pivotal question. By showing how empirical data relate to new and old theoretical ideas, Economic Growth provides students with a complete introduction to the discipline and the latest research. With its comprehensive and flexible organization, Economic Growth is ideal for a wide array of courses, including undergraduate and graduate courses in economic growth, economic development, macro theory, applied econometrics, and development studies.
Prophet Of Innovation
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Author : Thomas K. McCraw
language : en
Publisher: Harvard University Press
Release Date : 2009
Prophet Of Innovation written by Thomas K. McCraw and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Biography & Autobiography categories.
Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses.
Endogenous Growth Theory
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Author : Philippe Aghion
language : en
Publisher: MIT Press
Release Date : 1998
Endogenous Growth Theory written by Philippe Aghion and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
"Problems and solutions by Cecilia Garcâia-Peänalosa in collaboration with Jan Boone, Chol-Won Li, and Lucy White." Includes bibliographical references (p. [665]-687) and index.
New Theories In Growth And Development
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Author : Frank Hahn
language : en
Publisher: Springer
Release Date : 2016-01-06
New Theories In Growth And Development written by Frank Hahn and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-06 with Business & Economics categories.
This collection offers a stimulating and insightful overview of the main issues affecting long-term economic growth. The novelty of this book is that it brings together two strands of economic literature, growth and development theories. The communication between different approaches is crucial as it is increasingly understood that growth hinges upon institutional and policy aspects that are generally neglected in the stylized models of growth but highly relevant for developing countries. Government policies and institution design become central to the explanation of divergent growth paths.
Competition And Growth
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 2005
Competition And Growth written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
By systematically confronting theoretical models with econometric data, a leading macroeconomist and microeconomist present a unified and coherent view how and when productivity gains and economic growth are aided or hindered by competition policy.
China S Rural Industry
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Author : World Bank
language : en
Publisher: Oxford University Press
Release Date : 1990
China S Rural Industry written by World Bank and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This book provides a comprehensive, multi-faceted analysis of China's booming rural nonstate (collective and private) industrial sector. Based on a collaboration between Chinese and World Bank researchers, the 19 papers compiled here offer detailed national and provincial information from four representative counties, 63 townships, 122 rural industrial firms, and 1,174 workers, and address such topics as performance and efficiency, ownership and institutional structure, employment and wage systems, regional structure, and related aspects of China's rural industrial sector. This study breaks new ground in the scholarly analysis of an increasingly important, highly dynamic part of China's economy.
Creative Destruction
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Author : Richard N. Foster
language : en
Publisher: Broadway Business
Release Date : 2001
Creative Destruction written by Richard N. Foster and has been published by Broadway Business this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Drawing on 13 years of research, the authors show that, over time, long-established companies, instead of maintaining excellence, always under perform the market. Proposing a radical new business paradigm, they argue that instead of focusing on continuity, companies must focus on discontinuity--constantly destroying and recreating themselves to remain competitive and thrive long-term.