Schumpeterian growth
Encyclopedia
Schumpeterian growth is an economic theory named after the 20th century Austrian
economist
Joseph Schumpeter
. Unlike modern economic growth
theories, his approach explains growth by innovation
and entrepreneurial spirit.
Austrians
Austrians are a nation and ethnic group, consisting of the population of the Republic of Austria and its historical predecessor states who share a common Austrian culture and Austrian descent....
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
Joseph Schumpeter
Joseph Schumpeter
Joseph Alois Schumpeter was an Austrian-Hungarian-American economist and political scientist. He popularized the term "creative destruction" in economics.-Life:...
. Unlike modern economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
theories, his approach explains growth by innovation
Innovation
Innovation is the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society...
and entrepreneurial spirit.
Literature
- Philippe AghionPhilippe AghionPhilippe Aghion is a French economist. He is Robert C. Waggoner Professor of Economics at Harvard University, having previously been Professor at University College London, an Official Fellow at Nuffield College, Oxford, and an Assistant Professor at Massachusetts Institute of Technology .His main...
(2002), Schumpeterian Growth Theory and the Dynamics of Income Inequality, EconometricaEconometricaEconometrica is a peer-reviewed academic journal of economics, publishing articles not only in econometrics but in many areas of economics. It is published by the Econometric Society and distributed by Wiley-Blackwell. Econometrica is one of the most highly ranked economics journals in the world...
70 (3), 855–882. - Philippe AghionPhilippe AghionPhilippe Aghion is a French economist. He is Robert C. Waggoner Professor of Economics at Harvard University, having previously been Professor at University College London, an Official Fellow at Nuffield College, Oxford, and an Assistant Professor at Massachusetts Institute of Technology .His main...
and Peter Howitt (1992), A Model of Growth Through Creative Destruction, EconometricaEconometricaEconometrica is a peer-reviewed academic journal of economics, publishing articles not only in econometrics but in many areas of economics. It is published by the Econometric Society and distributed by Wiley-Blackwell. Econometrica is one of the most highly ranked economics journals in the world...
60 (2), 323-351.