Competition and Growth

Reconciling Theory and Evidence

Philippe Aghion (Harvard University), Rachel Griffith (IFS)

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English

MIT Press
25 January 2008

Economics; Economic theory & philosophy

Series: Zeuthen Lectures

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 time mitigating the negative effects competition and imitation may have on some sectors or industries.

By: Philippe Aghion (Harvard University), Rachel Griffith (IFS)
Imprint: MIT Press
Country of Publication: United States
Edition: 1
Dimensions: Height: 229mm, Width: 152mm, Spine: 8mm
Weight: 204g
ISBN: 9780262512022
ISBN 10: 0262512025
Series: Zeuthen Lectures
Pages: 120
Publication Date: 25 January 2008
Recommended Age: From 18 years
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Inactive

Series Foreword Sample Chapter - Download PDF (19 KB) vii Acknowledgments ix Introduction Sample Chapter - Download PDF (42 KB) 1 1 A Divorce between Theory and Empirics Sample Chapter - Download PDF (150 KB) 7 2 Revisiting Common Wisdom 33 3 Reconciling Theory and Evidence 51 4 The Escape Entry Effect 67 Epilogue 85 Notes 89 References 93 Index

Philippe Aghion is a Professor at the College de France and at the London School of Economics. Aghion is coauthor (with Peter Howitt) of Endogenous Growth Theory (MIT Press). Rachel Griffith is Deputy Director at the Institute for Fiscal Studies (IFS) and a Reader in Industrial Organization at University College London.

Reviews for Competition and Growth: Reconciling Theory and Evidence

An engaging presentation of a major research program on the effects of competition on economic growth. The book is an essential guide for sorting out the package of competition policies--antitrust, patent protection, R&D subsidies--that best serve the economy. --Robert J. Barro, Paul M. Warburg Professor of Economics, Harvard University Aghion and Griffith's new book should be required reading for anyone interested in the drivers of economic growth in the modern economy. --Rebecca Henderson, Eastman Kodak LFM Professor of Management, Sloan School, MIT