NBER Working Paper No. 24178
---- Acknowledgments ----
This article was prepared for the Schumpeter Lecture given at the 2016 Annual Meeting of the European Economic Association. I thank Dirk Krueger for detailed feedback; Daron Acemoglu, Olivier Blanchard, Harris Dellas and Fabrice Collard for comments; Fabrizio Zillibotti for early encouragement; and Chen Lian and Karthik Sastry for assistance. I am also grateful to my co-authors in the line of research upon which a large part of this lecture is based. Finally, I have no relevant financial relationships to disclose. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.