The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
On the Timing and Efficiency of Creative Destruction
Open accessAbstract
We analyze the timing, pace, and efficiency of ongoing job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction during recessions, when the opportunity cost of reallocation is lowest. Incomplete contracting between labor and capital can disrupt this synchronized pattern and decouple creation and destruction. Transactional difficulties also lead to technological “sclerosis,” characterized by excessively slow renovation. Government incentives to production may alleviate high unemployment but exacerbate sclerosis. In contrast, creation incentives increase the pace of reallocation. An optimal combination of both policies restores economic efficiency.
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Citations
Cites
Transaction-Cost Economics: The Governance of Contractual Relations
Williamson, O. E. (1979) · The Journal of Law and Economics · doi:10.1086/466942 · Cited by 10,190
Cited by
Search-Theoretic Models of the Labor Market: A Survey
Rogerson, R., Shimer, R., & Wright, R. (2005) · Journal of Economic Literature · doi:10.1257/002205105775362014 · Cited by 1,051
Do Recessions Accelerate Routine-Biased Technological Change? Evidence from Vacancy Postings
Hershbein, B., & Kahn, L. B. (2018) · American Economic Review · doi:10.1257/aer.20161570 · Cited by 573
Product Creation and Destruction: Evidence and Price Implications
Broda, C., & Weinstein, D. E. (2010) · American Economic Review · doi:10.1257/aer.100.3.691 · Cited by 490
Low‐carbon transition risks for finance
Semieniuk, G., Campiglio, E., Mercure, J., Volz, U., & Edwards, N. R. (2021) · WIREs Climate Change · doi:10.1002/wcc.678 · Cited by 441
Hnatkovska, V., & Loayza, N. (2003) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-3184 · Cited by 305
Metadata
- Authors
- Caballero, R. J., & Hammour, M. L.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-08-01
- Volume
- 111
- Issue
- 3
- Pages
- 805-852
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W1996360816
- Cited by
- 469
- References
- 1
- FWCI
- 46.31
- Type
- journal article
- Language
- en
- Open access
- green
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- Caballero, R. J., & Hammour, M. L. (1996). On the Timing and Efficiency of Creative Destruction. The Quarterly Journal of Economics. https://doi.org/10.2307/2946673
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
