On the Timing and Efficiency of Creative Destruction
分析产品与工艺创新导致的就业重新配置的时机、节奏和效率，指出经济衰退时集中创造和破坏岗位更高效，但劳资契约不完整会打乱这一同步模式，并导致技术僵化，而最优的政策组合可恢复效率。
We analyze the timing, pace, and efficiency of ongoing job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction during recessions, when the opportunity cost of reallocation is lowest. Incomplete contracting between labor and capital can disrupt this synchronized pattern and decouple creation and destruction. Transactional difficulties also lead to technological “sclerosis,” characterized by excessively slow renovation. Government incentives to production may alleviate high unemployment but exacerbate sclerosis. In contrast, creation incentives increase the pace of reallocation. An optimal combination of both policies restores economic efficiency.