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A Schumpeterian Perspective on Growth and Competition

In: New Theories in Growth and Development

Author

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  • Philippe Aghion
  • Peter Howitt

Abstract

The revival of growth theory in the 1980s was originally stimulated by ‘technical progress within economics’— by the development of new tools for handling old ideas. The neoclassical models of the 1960s had already shown that growth in per capita income was sustainable only through the continual growth of technological knowledge. A so, it had long been understood that technological knowledge, like capital, grows only because people find it profitable to make it grow; research, development, study, experimentation and learning by doing all employ resources with alternative uses. The neoclassical model of Solow and Swan ignored these activities and treated technological growth as exogenous, not on grounds of realism but because there were no available techniques for incorporating them into standard economic analysis.

Suggested Citation

  • Philippe Aghion & Peter Howitt, 1998. "A Schumpeterian Perspective on Growth and Competition," Palgrave Macmillan Books, in: Fabrizio Coricelli & Massimo di Matteo & Frank Hahn (ed.), New Theories in Growth and Development, chapter 2, pages 9-49, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26270-0_2
    DOI: 10.1007/978-1-349-26270-0_2
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    1. repec:zbw:bofitp:2016_019 is not listed on IDEAS
    2. Babar, Md. & Habib, Ahsan, 2021. "Product market competition in accounting, finance, and corporate governance: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 73(C).
    3. He, Qing & Huang, Jiyuan & Li, Dongxu & Lu, Liping, 2016. "Banks as corporate monitors: Evidence from CEO turnovers in China," BOFIT Discussion Papers 19/2016, Bank of Finland, Institute for Economies in Transition.
    4. Gupta, Kartick & Banerjee, Rajabrata & Onur, Ilke, 2017. "The effects of R&D and competition on firm value: International evidence," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 391-404.
    5. Blind, Knut, 2001. "The impacts of innovations and standards on trade of measurement and testing products: empirical results of Switzerland's bilateral trade flows with Germany, France and the UK," Information Economics and Policy, Elsevier, vol. 13(4), pages 439-460, December.

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