Hayek Book Prize FinalistAn Economist Best Book of the YearA Foreign Affairs Best Book of the YearFrom one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism.Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every cr...

A comprehensive, rigorous, and up-to-date introduction to growth economics that presents all the major growth paradigms and shows how they can be used to analyze the growth process and growth policy design.This comprehensive introduction to economic growth presents the main facts and puzzles about growth, proposes simple methods and models needed to explain these facts, acquaints the reader with the most recent theoretical and empirical developments, and provides t...

Las crisis se suceden. La desigualdad aumenta, el crecimiento se estanca, el medioambiente se deteriora y la pandemia de la Covid-19 ha dejado al descubierto las debilidades del sistema. Cada vez se oyen más llamamientos a un cambio radical, incluso al fin del capitalismo. Pero la respuesta a estos problemas no es la revolución, sino crear un capitalismo mejor. Para eso es necesario comprender y aprovechar el poder de la destrucción creativa: una innovación disruptiva, pero que durante los...

Sous le pilotage de Marie Brière, Responsable de la Recherche Investisseurs (Amundi) et Directrice scientifique du programme de recherche interdisciplinaire FaIR (Finance and Insurance Reloaded, Institut Louis Bachelier), le numéro 159 de la Revue d’économie financière (REF) porte sur « La finance à l'ère de l'intelligence artificielle ».Riche de 17 articles réunissant 25 auteurs de tout premier plan : académiques, banquiers centraux, spécialistes de la finance et...

Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies ...

L’innovation est la clé de voûte des économies numériques, mais elle est aussi parfois un prétexte pour maquiller des pratiques qui, ayant l’apparence de réelles innovations, sont en réalité des stratégies anti-concurrentielles qui ont pour objectif d’éliminer la concurrence sans pour autant être bénéfiques aux consommateurs.Pour cette raison, reconnaître un régime propre à l’innovation prédatrice est l’un des impératifs juridiques de ce début de 21e siècle. Les pratiques qui s’y r...

The 1986 article by Sanford J. Grossman and Oliver D. Hart titled "A Theory of Vertical and Lateral Integration" has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to ...

It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.Thus, to understand how countries grow and develop, it is essential to know...