An analysis of the importance of both destruction and creation to economic growth

• 成果类型: Article
• 署名作者: Huffman, Gregory W.
• 署名单位: Vanderbilt University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.08.008
• 发表日期: 2020
• 页码: 166-183
• 关键词: economic growth; creative destruction; INNOVATION; Tax policy; INEQUALITY

摘要

A growth model is studied in which the destruction (or exit) and creative (or research) decisions are decoupled. This approach emphasizes that different agents make these interrelated decisions. The growth rate equals the product of a measure of the destruction and creation rates. The determinants of income mobility, income inequality, the lifespan of a firm, and the growth rate are studied. The equilibrium can either yield too high or low a level of innovation, but the destruction rate may also be too high or low. A non-linear tax/subsidy scheme, which alters the innovation and exit decisions, can improve welfare. (C) 2019 Elsevier B.V. All rights reserved.