TY  - JOUR
AU  - Aghion, Philippe
AU  - Akcigit, Ufuk
AU  - Howitt, Peter
TI  - What Do We Learn From Schumpeterian Growth Theory?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18824
PY  - 2013
Y2  - February 2013
DO  - 10.3386/w18824
UR  - http://www.nber.org/papers/w18824
L1  - http://www.nber.org/papers/w18824.pdf
N1  - Author contact info:
Philippe Aghion
College de France
3 Rue D'Ulm
75005 Paris
FRANCE
E-Mail: p.aghion@lse.ac.uk

Ufuk Akcigit
Department of Economics
University of Chicago
1126 East 59th Street
Saieh Hall, Office 403
Chicago, IL 60637
E-Mail: uakcigit@uchicago.edu

Peter Howitt
Department of Economics
Brown University, Box B
Providence, RI  02912
E-Mail: peter_howitt@brown.edu
AB  - 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.
ER  -