Overview

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 to previously unimagined prosperity. To explain, Philippe Aghion, C�line Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today's most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

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Philippe Aghion is professor at the College de France, INSEAD, and the London School of Economics and was previously professor of economics at Harvard. He is coauthor, with Peter Howitt, of Endogenous Growth Theory and The Economics of Growth. Celine Antonin is senior researcher at OFCE, the French Economic Observatory at Sciences Po in Paris, and research associate in the Innovation Lab at the College de France. Simon Bunel is senior economist at INSEE, the French National Institute of Statistics and Economic Studies, and at the Bank of France. He is also research associate in the Innovation Lab at the College de France. Rich Miller, a man whose heart beats for renewal and revival in the church, serves as president and a speaker for Freedom in Christ Ministries. He has coauthored Getting Anger Under Control and Grace That Breaks the Chains, as well as authoring 40 Days of Grace and the youth book To My Dear Slimeball. He and his wife live in the mountains of western North Carolina.

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