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| Author: | Francois, P. Lloyd-Ellis, H. |
| Title: | Animal spirits through creative destruction |
| Journal: | American Economic Review
2003 : JUN, VOL. 93:3, p. 530-550 |
| Index terms: | Economic performance Entrepreneurship Growth |
| Language: | eng |
| Abstract: | The authors show how a Schumpeterian process of creative destruction can induce rational, herd behaviour by entrepreneurs across diverse sectors as if fueled by "animal spirits". Consequently, a multisector economy, in which productivity improvements are made by independent, profit-seeking entrepreneurs, exhibits regular booms, slowdowns and downturns as a part of the long-run growth process. |
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