Chapter 1. What Do We Learn From Schumpeterian Growth Theory?

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 that 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; and (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.

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Year of publication:	2014
Authors:	Aghion, Philippe ; Akcigit, Ufuk ; Howitt, Peter
Published in:	Handbook of economic growth ; 2. - Amsterdam : Elsevier, ISBN 978-0-444-53547-4. - 2014, p. 515-563
Subject:	Creative destruction \| Entry \| Exit \| Competition \| Firm dynamics \| Reallocation \| R&D \| Industrial policy \| Technological frontier \| Schumpeterian wave \| General-purpose technology \| Schumpeterismus \| Schumpeterian approach \| Markteintritt \| Market entry \| Industriepolitik \| Wachstumstheorie \| Growth theory \| Marktaustritt \| Market exit \| Technischer Fortschritt \| Technological change \| Wettbewerb \| Endogenes Wachstumsmodell \| Endogenous growth model \| Innovation \| Innovationswettbewerb \| Technology competition \| Produktivität \| Productivity