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.
Philippe Aghion (Collège de France and London School of Economics) and Peter Howitt (Brown University) developed the economic theory of sustained growth through 'creative destruction', which explains long-term economic growth as driven by continuous innovation that replaces older firms, products, and technologies.
October 13, 2025
high
conceptual
Defines a durable economic growth theory linking innovation-driven replacement of old firms/technologies to sustained growth.