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Innovation and growth from a schumpeterian perspective

Aghion, Philippe (2018) Innovation and growth from a schumpeterian perspective. Revue d'economie Politique, 128 (5). pp. 693-711. ISSN 0373-2630

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Identification Number: 10.3917/redp.285.0693

Abstract

In this lecture we argue that important aspects of the growth process cannot easily be accounted for using models where capital accumulation is the main source of growth. The four aspects we emphasize in this lecture are: the transition trap, secular stagnation, the recent rise in top income inequality, and firm dynamics. The lecture argues that by contrast these aspects can be addressed by the Schumpeterian growth paradigm in which: (i) growth results primarily from innovation; (ii) innovation responds to incentives shaped by economic policies and institutions; (iii) new innovations replace old technologies (creative destruction).

Item Type: Article
Additional Information: © 2018 Dalloz
Divisions: Economics
Subjects: H Social Sciences > HC Economic History and Conditions
JEL classification: O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O10 - General
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O12 - Microeconomic Analyses of Economic Development
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O30 - General
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O33 - Technological Change: Choices and Consequences; Diffusion Processes
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output (Income) Convergence
Date Deposited: 25 Apr 2019 09:27
Last Modified: 25 Apr 2019 09:27
URI: http://eprints.lse.ac.uk/id/eprint/100492

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