Rachel Griffith

Rachel Griffith is Deputy Director at the Institute for Fiscal Studies (IFS) and a Reader in Industrial Organization at University College London.

  • Competition and Growth

    Competition and Growth

    Reconciling Theory and Evidence

    Philippe Aghion and Rachel Griffith

    Though competition occupies a prominent place in the history of economic thought, among economists today there is still a limited, and sometimes contradictory, understanding of its impact. In Competition and Growth, Philippe Aghion and Rachel Griffith offer the first serious attempt to provide a unified and coherent account of the effect competition policy and deregulated entry has on economic growth.

    The book takes the form of a dialogue between an applied theorist calling on "Schumpeterian growth" models and a microeconometrician employing new techniques to gauge competition and entry. In each chapter, theoretical models are systematically confronted with empirical data, which either invalidates the models or suggests changes in the modeling strategy. Aghion and Griffith note a fundamental divorce between theorists and empiricists who previously worked on these questions. On one hand, existing models in industrial organization or new growth economics all predict a negative effect of competition on innovation and growth: namely, that competition is bad for growth because it reduces the monopoly rents that reward successful innovators. On the other hand, common wisdom and recent empirical studies point to a positive effect of competition on productivity growth. To reconcile theory and evidence, the authors distinguish between pre- and post-innovation rents, and propose that innovation may be a way to escape competition, an idea that they confront with microeconomic data. The book's detailed analysis should aid scholars and policy makers in understanding how the benefits of tougher competition can be achieved while at the same time mitigating the negative effects competition and imitation may have on some sectors or industries.

    • Hardcover $30.00
    • Paperback $25.00

Contributor

  • Causation and Counterfactuals

    Causation and Counterfactuals

    John Collins, Ned Hall, and L. A. Paul

    One philosophical approach to causation sees counterfactual dependence as the key to the explanation of causal facts: for example, events c (the cause) and e (the effect) both occur, but had c not occurred, e would not have occurred either. The counterfactual analysis of causation became a focus of philosophical debate after the 1973 publication of the late David Lewis's groundbreaking paper, "Causation," which argues against the previously accepted "regularity" analysis and in favor of what he called the "promising alternative" of the counterfactual analysis. Thirty years after Lewis's paper, this book brings together some of the most important recent work connecting—or, in some cases, disputing the connection between—counterfactuals and causation, including the complete version of Lewis's Whitehead lectures, "Causation as Influence," a major reworking of his original paper. Also included is a more recent essay by Lewis, "Void and Object," on causation by omission. Several of the essays first appeared in a special issue of the Journal of Philosophy, but most, including the unabridged version of "Causation as Influence," are published for the first time or in updated forms. Other topics considered include the "trumping" of one event over another in determining causation; de facto dependence; challenges to the transitivity of causation; the possibility that entities other than events are the fundamental causal relata; the distinction between dependence and production in accounts of causation; the distinction between causation and causal explanation; the context-dependence of causation; probabilistic analyses of causation; and a singularist theory of causation.

    • Hardcover $21.75
    • Paperback $45.00