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Technical progress and growth since the crisis

Author

Listed:
  • Philippe Aghion

    (Harvard University)

  • Céline Antonin

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

Abstract

The 2008 crisis revived doubts about growth and resuscitated the debate on secular stagnation initiated by Hansen in 1938. Particularly in a post-crisis context of zero or very low growth, Schumpeterian theory may seem to be outdated. Nevertheless, in this article, we show that it remains a valid conceptual framework. We begin by recalling the main highlights of Schumpeter's model of growth. We then argue that this conceptual framework remains relevant to many aspects of growth, notably secular stagnation, structural reforms and the debate on inequality. We show that because of creative destruction, the growth in productivity induced by innovation is underestimated. In addition, we explain why the Schumpeterian framework calls for a complementarity between structural reforms and macroeconomic policy. Finally, we show the positive impact of innovation and creative destruction on social mobility.

Suggested Citation

  • Philippe Aghion & Céline Antonin, 2018. "Technical progress and growth since the crisis," Post-Print hal-03384666, HAL.
    • Handle: RePEc:hal:journl:hal-03384666
    DOI: 10.3917/reof.157.0055
    Note: View the original document on HAL open archive server: https://hal.science/hal-03384666
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    References listed on IDEAS

    as
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