High energy Aghion on Shumpeterian growth

Philippe Aghion, Harvard economics professor and director of Industrial Organization at the Centre for Economic and Policy Research (CEPR) delivered a lecture at the Bank on April 17 on 'What do we Learn from Shumpeterian Growth Theory?'

It was interesting to hear from the co-founder of the Shumpeterian paradigm about the relationship between economic growth, innovation, creative destruction, and competition. Aghion’s approach is to examine how various factors interact with local entrepreneurs’ incentives to either innovate or to imitate frontier technologies.

Always energetic, Aghion also presented recent findings based on work he's done recently with Deaton, Akcigit and Roulet on 'Creative Destrubtion and Subjective Well-Being'.

Watch the lively talk here, where the professor almost dances as he explains his idea of step-by-step innovation to get closer to the frontier.