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The Power of Creative Destruction

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  • Philippe Aghion

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Céline Antonin

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Bunel Simon

    (Centre de recherche de la Banque de France - Banque de France, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

From one of the world's leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism. Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity. To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today's most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday's superstar innovators don't pull the ladder up after them to thwart tomorrow's. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

Suggested Citation

  • Philippe Aghion & Céline Antonin & Bunel Simon, 2021. "The Power of Creative Destruction," PSE-Ecole d'économie de Paris (Postprint) halshs-03672082, HAL.
  • Handle: RePEc:hal:pseptp:halshs-03672082
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    1. WTO ministerial trading in low expectations and high stakes
      by Ken Heydon in East Asia Forum on 2024-02-25 11:00:00

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    Cited by:

    1. John G. Fernald & Robert Inklaar & Dimitrije Ruzic, 2023. "The Productivity Slowdown in Advanced Economies: Common Shocks or Common Trends?," Working Paper Series 2023-07, Federal Reserve Bank of San Francisco.
    2. Leslie Hannah & Robert Bennett, 2022. "Large‐scale Victorian manufacturers: Reconstructing the lost 1881 UK employer census," Economic History Review, Economic History Society, vol. 75(3), pages 830-856, August.
    3. Martin Hellwig, 2021. "‘Capitalism: what has gone wrong?’: Who went wrong? Capitalism? The market economy? Governments? ‘Neoliberal’ economics? [‘It Takes a Village to Maintain a Dangerous Financial System’, ch. 13]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 664-677.
    4. Young Dennis R., 2023. "Nonprofits as a Resilient Sector: Implications for Public Policy," Nonprofit Policy Forum, De Gruyter, vol. 14(3), pages 237-253, July.
    5. Srhoj Stjepan & Vitezić Vanja & Wagner Joachim, 2023. "Export Boosting Policies and Firm Performance: Review of Empirical Evidence Around the World," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 243(1), pages 45-92, February.
    6. Philippe Aghion & Celine Antonin & Luc Paluskiewicz & David Stromberg & Raphael Wargon & Karolina Westin, 2023. "Does Chinese research hinge on US co-authors? Evidence from the China initiative," CEP Discussion Papers dp1936, Centre for Economic Performance, LSE.
    7. Martin Fleming, 2021. "Productivity Growth and Capital Deepening in the Fourth Industrial Revolution," Working Papers 010, The Productivity Institute.
    8. Zhou, Bo & Zhang, Cheng, 2023. "When green finance meets banking competition: Evidence from hard-to-abate enterprises of China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    9. D'Andrea, Sara, 2022. "A Meta-Analysis on the Debt-Growth Relationship," MPRA Paper 114409, University Library of Munich, Germany.
    10. Samuel Bowles & Wendy Carlin, 2021. "Shrinking capitalism: components of a new political economy paradigm [‘Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 794-810.
    11. Shuowen Chen & Yang Ming, 2021. "R&D Heterogeneity and Countercyclical Productivity Dispersion," Papers 2108.02272, arXiv.org, revised Oct 2022.
    12. Pies, Ingo, 2022. "Management-Kompetenzen für nachhaltige Wertschöpfung: Anregungen aus ordonomischer Sicht," Discussion Papers 2022-06, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    13. Julian Schwierzy & Robert Dehghan & Sebastian Schmidt & Elisa Rodepeter & Andreas Stoemmer & Kaan Uctum & Jan Kinne & David Lenz & Hanna Hottenrott, 2022. "Technology Mapping Using WebAI: The Case of 3D Printing," Papers 2201.01125, arXiv.org.

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