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Competition and Growth - Reconciling Theory and Evidence (Paperback)
Loot Price: R942
Discovery Miles 9 420
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Competition and Growth - Reconciling Theory and Evidence (Paperback)
Series: Zeuthen Lectures
Expected to ship within 10 - 15 working days
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Winner of the 2006 Schumpeter Prize Competition. Though competition
occupies a prominent place in the history of economic thought,
among economists today there is still a limited, and sometimes
contradictory, understanding of its impact. In "Competition and
Growth," Philippe Aghion and Rachel Griffith offer the first
serious attempt to provide a unified and coherent account of the
effect competition policy and deregulated entry has on economic
growth. The book takes the form of a dialogue between an applied
theorist calling on "Schumpeterian growth" models and a
microeconometrician employing new techniques to gauge competition
and entry. In each chapter, theoretical models are systematically
confronted with empirical data, which either invalidates the models
or suggests changes in the modeling strategy. Aghion and Griffith
note a fundamental divorce between theorists and empiricists who
previously worked on these questions. On one hand, existing models
in industrial organization or new growth economics all predict a
negative effect of competition on innovation and growth: namely,
that competition is bad for growth because it reduces the monopoly
rents that reward successful innovators. On the other hand, common
wisdom and recent empirical studies point to a positive effect of
competition on productivity growth. To reconcile theory and
evidence, the authors distinguish between pre- and post-innovation
rents, and propose that innovation may be a way to escape
competition, an idea that they confront with microeconomic data.
The book's detailed analysis should aid scholars and policy makers
in understanding how the benefits of tougher competition can be
achieved while at the same timemitigating the negative effects
competition and imitation may have on some sectors or industries.
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