Philippe Aghion and Peter Howitt developed a theoretical framework that sustained economic growth can arise from 'creative destruction,' meaning ongoing innovation continuously replaces older technologies and firms.
October 14, 2025
high
theoretical
Summarizes a growth theory emphasizing the growth effects of continual innovation and the displacement of incumbent technologies and firms.
The theory of 'creative destruction' describes how technological advances can displace earlier technologies so that a breakthrough in one generation can become obsolete in subsequent generations.
October 13, 2025
high
theoretical
Economic theory describing dynamics of technological progress and obsolescence.