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a model of growth through creative destruction

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N B E R W O R K I N G P A P E R S E R I E S A M O D E L O F G R O W T H T H R O U G H C R E A T I V E D E S T R U C T I O N P h i l i p p e A g h i o n P e t e r H o w i t t W o r k i n g P a p e r N o . 3 2 2 3 N A T I O N A L B U R E A U O F E C O N O M I C R E S E A R C H 1 0 5 0 M a s s a c h u s e t t s A v e n u e C a m b r i d g e , M A 0 2 1 3 8 J a n u a r y 1 9 9 0 T h e a u t h o r s w i s h t o a c k n o w l e d g e t h e h e l p f u l c o m m e n t s a n d c r i t i c i s m s o f R o l a n d B e n a b o u , O l i v i e r B l a n c h a r d , P a t r i c k B o l t o n , M a t h i a s D e w a t r i p o n t , Z v i G r i l i c h e s , R e b e c c a H e n d e r s o n , a n d P a t r i c k R e y . T h e s e c o n d a u t h o r a l s o w i s h e s t o a c k n o w l e d g e h e l p f u l c o n v e r s a t i o n s w i t h L o u i s C o r r i v e a u . T h i s p a p e r i s p a r t o f N B E R ' S r e s e a r c h p r o g r a m i n G r o w t h . A n y o p i n i o n s e x p r e s s e d a r e t h o s e o f t h e a u t h o r n o t t h o s e o f t h e N a t i o n a l B u r e a u o f E c o n o m i c R e s e a r c h .

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