Based on Aghion and Howitt’s (1992) model of creative destruction, a future built on endless innovation becomes a world where a monopolist is haunted by the prophecy of his own replacement.
Some economic models become easier to imagine once they become worlds where their mechanisms can be felt.
Based on Aghion and Howitt’s (1992) model of creative destruction, a future built on endless innovation becomes a world where a monopolist is haunted by the prophecy of his own replacement.