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Growth through innovation bursts: Why industrial policy should not bet on size

Industrial policy is back on the agenda across advanced economies, with a growing channelling support towards large incumbent firms on the premise that they are the most capable innovators. This column uses data on Frenc...Read more...

CEP discussion paper

Creative destruction through innovation bursts

In theories of creative destruction, product innovation is a key driver of aggregate growth. In this paper, we confront the predictions of these theories about product dynamics with empirical patterns in product-level da...Read more...