A stellar cast of economists examines the roles of creative destruction in addressing today’s most important political and social questions.
Inequality is rising, growth is stagnant while rents accumulate, the environment is suffering, and the COVID-19 pandemic exposed every crack in the systems of global capitalism. How can we restart growth? Can our societies be made fairer? Editors Ufuk Akcigit and John Van Reenen assemble a world-leading group of social scientists and theorists to consider these questions and, in particular, how ideas about the economics of creative destruction may help solve the problems we face.
Most closely associated with Joseph Schumpeter, formalized by Philippe Aghion and Peter Howitt in the 1990s, the idea of innovation as creative destruction has become foundational in economics, reaching into almost every corner of the discipline—both theoretically and empirically. Now, at a time of rapid and disorienting change, is an opportune moment to pull the disparate strands of research together to assess what has been learned and continue an intellectual project that can aid economic decision-making in the decades to come.
The cutting-edge work in The Economics of Creative Destruction focuses on innovation and growth. Contributors offer illuminating insights into monopoly and inequality, the nature of the social safety net, climate change, and the ups and downs of regulation. Collectively, they suggest that governance has a role to play in capitalism, maximizing its benefits and minimizing its risks.
Research and development ‘is by nature both creative and destructive’, write economists Ufuk Akcigit and John Van Reenen. Their edited collection is a response to this juxtaposition…Impressive.
Thirty years ago, Philippe Aghion and Peter Howitt wrote their seminal article on the theory of creative destruction, one of the most cited papers in modern economics. This exciting collection shows the power of the creative destruction concept in unifying microeconomics and macroeconomics. Authors explore the relation between innovation and competition, the effects of globalization and trade, the impact of creative destruction on inequality and displaced workers, the sources of declining productivity growth, the challenges of climate change and the green transition, and much more.
These contributions to the study of economic growth by leading experts in the field highlight the major advances of the last three decades. This book will be an invaluable reference for researchers interested in this exciting area.
One could not imagine a better tribute to Aghion and Howitt than this impressive set of papers by renowned scholars. It builds on their creative destruction framework and sheds further light on the underpinnings and implications of growth and innovation.
- Harvard University Press
- Foreword by Emmanuel Macron
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