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Curtin Corner 2 Mar: Creative Destruction and the Bumpy Road to Economic G...

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Council Chambers

Bldg 100, Level 3

Curtin University

Bentley, WA 6102

Australia

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Professor Harry Bloch
John Curtin Distinguished Emeritus Professor, School of Economics and Finance,
Curtin Business School

Economists have been rightly chastised for not having given warning of the Global Financial Crisis and, more generally, for not having much useful to say about the phenomena of financial instability, disruptive technologies and structural change. Twentieth-century economist Joseph Schumpeter challenged the orthodox economic theory of steady growth, which both then and now is based on relatively smooth processes of population expansion, mechanisation and economies of scale. Instead, Schumpeter argued for a theory of innovation-driven growth, based on disruptive change in the way of doing things. As he so aptly put it, ‘Add successively as many mail coaches as you please, you will never get a railway thereby.’ Schumpeter’s theory leads to conclusions differing sharply from those of modern orthodox analysis. Schumpeterian growth is inherently uneven over time (in the form of business cycles) and across firms, industries and countries (as captured in his concept of “creative destruction”). An overview of Schumpeter’s theory, its context and its relevance today is the subject of this presentation.

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Council Chambers

Bldg 100, Level 3

Curtin University

Bentley, WA 6102

Australia

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