a model of growth through creative destruction.pdf

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1、NBERWORKINGPAPERSERIESAMODELOFGROWTHTHROUGHCREATIVEDESTRUCTIONPhilippeAghionPeterHowittWorkingPaperNo.3223NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138January1990TheauthorswishtoacknowledgethehelpfulcommentsandcriticismsofRolandBenabou,OlivierBlanchard,PatrickBolton,Mathi

2、asDewatripont,ZviGriliches,RebeccaHenderson,andPatrickRey.ThesecondauthoralsowishestoacknowledgehelpfulconversationswithLouisCorriveau.ThispaperispartofNBER'SresearchprograminGrowth.AnyopinionsexpressedarethoseoftheauthornotthoseoftheNationalBureauofEconomicResearch.NBERWorkingPaper#3223January1990

3、AMODELOFGROWTHTHROUGHCREATIVEDESTRUCTIONA5STR.ACTThispaperdevelopsamodelbasedonSchumpeter'sprocessofcreativedestruction.Itdepartsfromexistingmodelsofendogeneousgrowthinemphasizingobsolescenceofoldtechnologiesinducedbytheaccumulationofknowledgeandtheresultingprocessorindustrialinnovations.Thishasbot

4、hpositiveandnormativeimplicationsforgrowth.Inpositiveterms,theprospectofahighlevelofresearchinthefuturecandeterresearchtodaybythreateningthefruitsofthatresearchwithrapidobsolescence.Innormativeterms,obsolescencecreatesanegativeexternalityfrominnovations,andhenceatendencyforlaissez-faireeconomiestog

5、eneratetoomanyinnovations,i.etoomuchgrowth.This"business-stealing"effectispartlycompensatedbythefactthatinnovationstendtobetoosmallunderlaissez-faire.ThemodelpossessesauniquebalancedgrowthequilibriuminwhichthelogofGNPfollowsarandomwalkwithdrift.Thesizeofthedriftistheaveragegrowthrateoftheeconomyand

6、itisendogeneoustothemodel;inparticularitdependsonthesizeandlikilihoodofinnovationsresultingfromresearchandalsoonthedegreeofmarketpoweravailabletoaninnovator.PhilippeAghionPeterHowittDepartmentofEconomicsDepartmentofEconomicsM.I.T.UniversityofWesternOntario50MemorialDriveSocialScienceCenter,Room4071

7、Cambridge,MA02139London,OntarioN6A5C2Canada1.INTRODLJCIONThispaperpresentsamodelofendogenousstochasticgrowth,basedonSchuxnpecersideaofcreativedesiruction.Webeginfromthebelief,supportedbymanyempiricalstudies