{"title":"The Creative Destruction Approach to Growth Economics","authors":"P. Aghion, P. Howitt","doi":"10.1017/S1062798723000212","DOIUrl":null,"url":null,"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.","PeriodicalId":46095,"journal":{"name":"European Review","volume":"19 1","pages":"312 - 325"},"PeriodicalIF":0.8000,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Review","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1017/S1062798723000212","RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"AREA STUDIES","Score":null,"Total":0}
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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.
期刊介绍：
The European Review is a unique interdisciplinary international journal covering a wide range of subjects. It has a strong emphasis on Europe and on economics, history, social science, and general aspects of the sciences. At least two issues each year are devoted mainly or entirely to a single subject and deal in depth with a topic of contemporary importance in Europe; the other issues cover a wide range of subjects but may include a mini-review. Past issues have dealt with: Who owns the Human Genome; From decolonisation to post-colonialism; The future of the welfare state; Democracy in the 21st century; False confessions after repeated interrogation; Living in real and virtual worlds.
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