State of Economics: Some “Schumpeterian” Thoughts on Growth and Development

Thinkers instrumental in shaping contemporary economics do a major stocktaking of the field, and also look ahead at the challenges of global development. The speakers reflect on the way thinking in economics has evolved in his or her area of interest, and also speculate about how the global economy is likely to evolve and the challenges this will pose for humankind, economic analysis, and polic... view more


Some “Schumpeterian” Thoughts on Growth and Development: William Maloney and Philippe Aghion


Some “Schumpeterian” Thoughts on Growth and Development: Philippe Aghion part 1


Some “Schumpeterian” Thoughts on Growth and Development: Philippe Aghion part 2


Some “Schumpeterian” Thoughts on Growth and Development: Francesco Caselli part 1


Some “Schumpeterian” Thoughts on Growth and Development: Francesco Caselli part 2


Some “Schumpeterian” Thoughts on Growth and Development: Aart Kraay

About the Presenters

William Maloney

Chief Economist, Equitable Growth, Finance and Institutions, World Bank
William F. Maloney is Chief Economist for Equitable Growth, Finance and Institutions in the World Bank Group. Previously he was Chief Economist for Trade and Competitiveness and Global Lead on Innovation and Productivity. Prior to the Bank, he was a Professor of Economics at the University of Illinois, Urbana-Champaign (1990-1997) and then joined, working as Lead Economist in the Office of the Chief Economist for Latin America until 2009. From 2009 to 2014, he was Lead Economist in the Development Economics Research Group. From 2011 to 2014 he was Visiting Professor at the University of the Andes and worked closely with the Colombian government on innovation and firm upgrading issues.

Philippe Aghion

Robert C. Waggoner Professor of Economics, Harvard University
Philippe Aghion is the Robert C. Waggoner Professor of Economics at Harvard University, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences. His research focuses on the economics of growth. With Peter Howitt, he pioneered the so-called Schumpeterian Growth paradigm which was subsequently used to analyze the design of growth policies and the role of the state in the growth process. Much of this work is summarized in their joint books Endogenous Growth Theory (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), in his book with Rachel Griffith on Competition and Growth (MIT Press, 2006), and more recently in Repenser l’Etat (Seuil, 2011). In 2001, Philippe Aghion received the Yrjo Jahnsson Award of the best European economist under age 45.

Francesco Caselli

Norman Sosnow Professor of Economics, London School of Economics
Francesco Caselli is the Norman Sosnow Professor of Economics at the London School of Economics. He has earned his undergraduate degree at the University of Bologna in 1992 and a Ph.D. at Harvard University in 1997. Previous appointments include Assistant Professor of Economics at the University of Chicago Graduate School of Business and Associate Professor of Economics at Harvard University. He is a Fellow of the British Academy, the director of the Macroeconomics Program at the Centre for Economic Performance (CEP), a managing editor editor of Review of Economic Studies, and a former co-editor of the Journal of Economic Development and editor at large of Economica. His research interests include economic development and political economy.

Aart Kraay

Senior Adviser, Development Research Group, World Bank
Aart Kraay is Senior Adviser in the Development Research Group at the World Bank. He joined the World Bank in 1995 after earning a Ph.D. in economics from Harvard University (1995), and a B.Sc. in economics from the University of Toronto (1990). His research interests include international capital movements, growth and inequality, governance, and the Chinese economy. His research on these topics has been published in scholarly journals such as the Quarterly Journal of Economics, the Review of Economics and Statistics, the Economic Journal, the Journal of Monetary Economics, the Journal of International Economics, and the Journal of the European Economic Association. He is an associate editor of the Journal of Development Economics, and is an adjunct professor at the School of Advanced International Studies at Johns Hopkins University. He has also held visiting positions at the International Monetary Fund and the Sloan School of Management at MIT.