The Innovation and Diffusion Podcast
S1 E1: Economics of Creative Destruction with Ufuk Akcigit from the University of Chicago
Oct 2, 2023
Economist Ufuk Akcigit discusses creative destruction, defensive innovation, and market power impact on innovation. They explore barriers in developing economies, potential research questions, and green innovation. The conversation includes insights on superstar firms and the diffusion of innovation, with a focus on Robert Lucas and ups and downs in the field.
01:10:10
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Quick takeaways
- Creative destruction drives economic growth by replacing outdated technologies.
- Evolution of creative destruction in economic literature emphasizes technological advancement beyond traditional strategies.
Deep dives
Importance of Creative Destruction in Economic Growth
Creative destruction is pivotal in driving economic growth, where new innovations replace outdated technologies. From the individual level to the economy as a whole, creative destruction fosters progress. The concept, dating back to philosophers like Nietzsche and Karl Marx, underscores the need for continuous turnover to introduce fresh ideas and technologies.
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