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1、CHAPTERONEWhatDoWeLearnFromSchumpeterianGrowthTheory?PhilippeAghion*,UfukAkcigit†,andPeterHowitt‡*HarvardUniversity,NBER,andCIFAR,USAUniversityofPennsylvaniaandNBER,USABrownUniversityandNBER,USAAbstractSchumpeteriangrowththeoryhasoperationalizedSchumpetersnotionofcreativedestr
2、uctionbydevelopingmodelsbasedonthisconcept.Thesemodelsshedlightonseveralaspectsofthegrowthprocessthatcouldnotbeproperlyaddressedbyalternativetheories.Inthissurvey,wefocusonfourimportantaspects,namely:(i)theroleofcompetitionandmarketstructure;(ii)firmdynamics;(iii)therelationshi
3、pbetweengrowthanddevelopmentwiththenotionofappropriategrowthinstitutions;and(iv)theemergenceandimpactoflong-termtechnologicalwaves.Ineachcase,Schumpeteriangrowththeorydeliverspredictionsthatdistinguishitfromothergrowthmodelsandwhichcanbetestedusingmicrodata.KeywordsCreativedes
4、truction,Entry,Exit,Competition,Firmdynamics,Reallocation,R&D,Industrialpolicy,Technologicalfrontier,Schumpeterianwave,General-purposetechnologyJELClassificationCodesO10,O11,O12,O30,O31,O33,O40,O43,O471.1.INTRODUCTIONFormalmodelsallowustomakeverbalnotionsoperationalandconfrontt
5、hemwithdata.TheSchumpeteriangrowththeorysurveyedinthispaperhasoperationalizedSchumpetersnotionofcreativedestructiontheprocessbywhichnewinnovationsreplaceoldertechnologiesintwoways.First,ithasdevelopedmodelsbasedoncreativedestructionthatshednewlightonseveralaspectsofthegrowthpr
6、ocess.Second,ithasuseddata,includingrichmicrodata,toconfrontthepredictionsthatdistinguishitfromothergrowththeories.Intheprocess,thetheoryhasimprovedourunderstandingoftheunderlyingsourcesofgrowth.HandbookofEconomicGrowth,Volume2B©2014ElsevierB.V.ISSN1574-0684,http://dx.doi.org/
7、10.1016/B978-0-444-53540-5.00001-XAllrightsreserved.515516PhilippeAghionetal.Overthepast25years,1Schumpeteriangrowththeoryhasdevelopedintoaninte-gratedframeworkforunderstandingnotonlythemacroeconomicstructureofgrowthbutalsothemanymicroeconomicissuesregardingincentives,policies
8、,andorganizationsthatinteractwithgrowth:whogainsandwholosesfr
