摘要：In this paper, we propose a new measure of creative destruction
and analyze its e®ect on the pattern of economic growth. Using
the U.S. ¯rm-level data from 1971 to 2000, we ¯nd that indus-
tries with higher ¯rm-speci¯c volatility of total factor productiv-
ity (TFP) growth grow faster. Further, these industries exhibit
substantial performance di®erence between young and old ¯rms
and active resources reallocation between them. Our ¯ndings are
consistent with Hobijn and Jovanovic (2001) and signi¯cant others
who argue that younger ¯rms have relative advantage in adopting
new technology than older ¯rms. Our results also suggest that
models that allow ¯rm heterogeneity may generate fruitful results
in analyzing the evolution of an economy.
