TORONTO, April 24 /CNW/ - A new generation of growth theory, based on
Joseph Schumpeter's concept of "creative destruction" yields important
insights for Canada's economy, according to a study released today by the C.D.
Howe Institute. The study underlines the importance of economies being open to
trade and competition in order to promote growth and prosperity. In
Innovation, Competition and Growth: A Schumpeterian Perspective on Canada's
Economy, economist Peter Howitt of Brown University in Providence, RI, says
that to sustain growth, Canada must engage in a never-ending process of
economic development and transformation. This has vital implications for
policymakers in several areas, including competition policy, patent policy,
commercial/academic research and international trade. Attention to the growth
implications of policy choices remains crucial, says the author, because even
tiny increases in long-run growth rates imply enormous economic gains.
The study Innovation, Competition and Growth: A Schumpeterian Perspective
on Canada's Economy, is available at http://www.cdhowe.org/commentary_246.pdf.
For further information:
For further information: Peter Howitt, Department of Economics, Brown
University, Providence, RI.; Finn Poschmann, Director of Research, C.D. Howe
Institute, (416) 865-1904, email@example.com