Aghion, Philippe 
ORCID: 0000-0002-9019-1677 and Howitt, Peter
(2023)
The creative destruction approach to growth economics.
European Review, 31 (4).
312 - 325.
ISSN 1062-7987
Abstract
In this article we introduce the Schumpeterian growth paradigm, where growth results from innovations that render previous innovations obsolete. We show how this paradigm can be used to elucidate enigmas in recent growth history, such as the growth take-off, secular stagnation, and the middle-income trap. We then illustrate how the Schumpeterian paradigm can be tested using rich micro data, focusing on the relationship between product market competition and innovation-led growth. Finally, we use the paradigm to question some common wisdoms on growth policymaking.
| Item Type: | Article |
|---|---|
| Additional Information: | © 2023 The Author(s) |
| Divisions: | Economics |
| Subjects: | H Social Sciences > HB Economic Theory |
| Date Deposited: | 10 Sep 2024 10:42 |
| Last Modified: | 10 Sep 2024 18:09 |
| URI: | http://eprints.lse.ac.uk/id/eprint/125385 |
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