KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
What Do We Learn From Schumpeterian Growth Theory?
(), Ufuk Akcigit
() and Peter Howitt
Abstract: Schumpeterian growth theory has “operationalized”
Schumpeter’s notion of creative destruction by developing models based on
this concept. These models shed light on several aspects of the growth
process which could not be properly addressed by alternative theories. In
this survey, we focus on four important aspects, namely: (i) the role of
competition and market structure; (ii) firm dynamics; (iii) the
relationship between growth and development with the notion of appropriate
growth institutions; (iv) the emergence and impact of long-term
technological waves. In each case Schumpeterian growth theory delivers
predictions that distinguish it from other growth models and which can be
tested using micro data.
Keywords: Creative destruction; entry; exit; competition; firm dynamics; reallocation; R&D; industrial policy; technological frontier; Schumpeterian wave; general purpose technology; (follow links to similar papers)
JEL-Codes: O10; O11; O12; O30; O31; O33; O40; O43; O47; (follow links to similar papers)
42 pages, February 18, 2013
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