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Missing Growth from Creative Destruction
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
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Number of Authors: 52019 (English)In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 109, no 8, p. 2795-2822Article in journal (Refereed) Published
Abstract [en]

For exiting products, statistical agencies often impute inflation from surviving products. This understates growth if creatively-destroyed products improve more than surviving ones. If so, then the market share of surviving products should systematically shrink. Using entering and exiting establishments to proxy for creative destruction, we estimate missing growth in US Census data on non farm businesses from 1983 to 2013. We find missing growth (i) equaled about one-half a percentage point per year; (ii) arose mostly from hotels and restaurants rather than manufacturing; and (iii) did not accelerate much after 2005, and therefore does not explain the sharp slowdown in growth since then.

Place, publisher, year, edition, pages
2019. Vol. 109, no 8, p. 2795-2822
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-171687DOI: 10.1257/aer.20171745ISI: 000477938900004OAI: oai:DiVA.org:su-171687DiVA, id: diva2:1343840
Available from: 2019-08-19 Created: 2019-08-19 Last updated: 2019-08-19Bibliographically approved

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