The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations (Hardback)
  • The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations (Hardback)
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The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations (Hardback)

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£28.95
Hardback 400 Pages / Published: 30/04/2021
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From one of the world's leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism.

Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction-innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity.

To explain, Philippe Aghion, Celine Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today's most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday's superstar innovators don't pull the ladder up after them to thwart tomorrow's. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

Publisher: Harvard University Press
ISBN: 9780674971165
Number of pages: 400
Weight: 666 g
Dimensions: 235 x 156 x 15 mm


MEDIA REVIEWS
Philippe Aghion is one of the founders of the new growth theory focused on the origins and implications of technological progress. This book, based on thirty years of research, shows the richness and usefulness of this approach. It is a fundamental document for thinking about the nature of growth, industrial policy, and the organization of the labor market. -- Olivier Blanchard, Peterson Institute for International Economics and former Chief Economist, International Monetary Fund
Accelerating technological change, global warming, pandemics, individual and national stagnation, over-indebtedness: this century decidedly provokes anxiety. Armed with legitimate concerns, anti-globalization protestors and neo-Luddites look inwards and denigrate innovation. The Power of Creative Destruction offers another vision, more persuasive and based on the innovation that creates wealth and jobs. Philippe Aghion, Celine Antonin, and Simon Bunel dismantle contemporary myths about such economic phenomena as secular stagnation and the impact of automation on employment. They show the need for competition and the fight against rents. They advocate a regulated capitalism that will allow us to keep society prosperous and the planet green. They explain, in short, how to manage the creative destruction that over the past two centuries has brought to our society a previously unimaginable prosperity. Provocative and rigorous, this book is an important milestone in our reflections on the future of our societies. A must-read. -- Jean Tirole, Nobel Laureate, Toulouse School of Economics
The term 'creative destruction' expresses a contradiction at the core of capitalism; creation brings innovation, growth, and prosperity while the destruction that it demands engenders resistance and stagnation. Philippe Aghion, Celine Antonin, and Simon Bunel are the leaders in exploring and understanding this story of action and reaction. Their insights are essential if policy is to restore growth in today's faltering capitalism. -- Angus Deaton, Nobel Laureate in Economic Sciences
Anyone curious about where modern capitalism is going and whether economic growth can be sustained should read this book. In accessible prose, based on cutting-edge economic analysis, the authors dissect the dynamics of the modern economies. They show brilliantly how capitalism in the twenty-first century is indeed as creative as it is destructive, and how innovation will affect modern economies and hence the life of every human on the planet, for better and for worse. Deeply researched and intelligently written, this is a genuine tour de force. -- Joel Mokyr, Northwestern University
Philippe Aghion has been the leader of modern growth theory for the last three decades. He has shown that innovation and disruption, Schumpeter's creative destruction, are at the heart of the productivity and power of a capitalist economy. In this book that story is clearly and compellingly told, but now he and his colleagues go still deeper into the kind of society we want to build, whilst keeping the power of creative destruction. We really can create a prosperous future which brings a supportive community and social cohesion, and a much better environment, climate, and biodiversity. This fine and crucially important book is ultimately optimistic about what we can do, but challenges us as to whether we will. -- Nicholas Stern, London School of Economics

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