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The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations
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About The Power Of Creative Destruction: Economic
Product Description 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, Céline 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. Review “Sweeping, authoritative and―for the times―strikingly upbeat…The overall argument is compelling and, with creative destruction falling out of political favor, it carries a trace of Schumpeterian subversion.” ― The Economist “[An] important book…[It] is lucid, empirically grounded, wide-ranging, and well-argued…Schumpeter himself feared capitalism would perish. So far, he seems to have been wrong. Another possibility is that democracy will die, as plutocracy allies with demagoguery. Either way, the civilizations of the contemporary high-income democracies would perish. By promoting a better understanding, this book could, with wisdom and luck, help us avoid that fate.” ― Martin Wolf , Financial Times “Successfully navigating the supply chain disruptions created by COVID-19 requires strong political leaders to implement smart policies, but not leaders so strong that they can suppress organizational innovations that will disfavor them or their allies. The authors explain these dynamics and more in an eminently accessible fashion.” ― Barry Eichengreen , Foreign Affairs “[A] rigorous education in the economics of innovation…Extend[s] economic analysis to illuminate a wide range of contemporary political and cultural issues.” ― William H. Janeway , Project Syndicate “Marvelous…Consistently thoughtful and, in its way, fearless. In The Power of Creative Destruction, readers will find much that transcends the facile arguments and moral posturing that too often characterizes today’s economic debates.” ― Milton Ezrati , City Journal “An impressive study…It convinces, to my mind, on what the path to a better world, with less inequality, injustice, environmental catastrophe might look like.” ― Bridget Rosewell , Society of Professional Economists “An important book for the times…The authors succinctly connect politics to economics and argue that ‘Innovation Needs Democracy.’…To paraphrase a quote referring to Keynes, another famous economist, this book may convince readers that we should all be Schumpeterians now.” ― Craig R. Roach , New York Journal of Books “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 th
