Recently, the term "new productive productivity" has been popular in China, which is regarded as one of the strategic breakthroughs that drive the Chinese economy.This is the keywords of the two sessions of China this year. As a government work report of the two conferences, it is proposed that it is necessary to vigorously promote the construction of the modern industrial system and accelerate the development of new productivity.

So, what is "new productive forces"?The official media Economic Daily published an interpretation of "Accelerating the cultivation and forming new productive forces" on January 11.The article pointed out that new productivity is relative to traditional productivity. It refers to a large number of new technologies such as big data, artificial intelligence, network, cloud computing, etc., and high -quality workers, modern finance, data messages and other elements to be tightly combined and spawned.New industries, new technologies, new products and new formats.In short, the Chinese government wants to produce productivity through innovation and breakthroughs through high -tech and technological revolution.Under the geopolitical structure of the New Cold War, self -sustainable economic growth has been made.

The topic of self -continuous economic growth about innovation and endogenous self -continuous economic growth, as if it is impossible to go around the theory of Austrian Austrian economist Joseph Berth Peter and his creative destruction theory.He first published the theory of economic development in 1912.

In this grand opening, Xiong Peter first described the standard neoclassical economics.He referred to this imaginary economy as "circulating flow", which is a complete competitive market that has no technical progress, no elements of endowment, and no changes in people's preferences.In this economic system coordinated by the price mechanism, resources can be fully allocated and effective, and the comparative advantages of different individuals and enterprises can be fully exerted.The production factors and products are inside this system. Through the factor market and the commodity market, the day after day and year after year, but it has been staying in a stable equilibrium state: neither changes in the economic structure, nor the total economic summaryGrowth.

If Smith sees it, it will also feel very paradoxical: a market economy with good private property rights and price mechanisms does not have an endogenous economic growth.How can this be?Xiong Peter also looks like this.He said that this circular circulation model is completely out of modern economic practice.In Xiong Peter's view, the key feature of the lively modern economy is to continue to "develop".

The essence of

development is innovation, that is, continuous "creative destruction". The process of economic innovation is the "creative destruction process" that changes the economic structure.In his opinion, in this process, valuable competition is not price competition, but the competition of new products, new technologies, new supply sources, and new combinations, that is, competition with decisive advantages in the cost or quality.Competitive strikes are not the margins and output of existing enterprises, but their foundation and life.In Xiong Peter's view, "creative destruction" is the essence of the market economy.Each large -scale innovation means the elimination of the old technology and the production system, and of course it also means the establishment of a new production system.Innovation is to continuously innovate the economic structure from the inside, that is, to continuously destroy the old and create a new structure.

Based on this, in his opinion, an important issue for economists and policy makers is to study how the market economy creates and then destroy the economic structure.To realize creative damage mechanisms, you must first respect entrepreneurs, which is undoubtedly a key measure.Because entrepreneurs are "leaders of economic development", and they are also innovators who can "re -combine the production factors".Xiong Peter regards entrepreneurs as the subject of innovation, and the role is to creatively destroy market balance.He believes that dynamic imbalances are the "normal" of a healthy economy, and entrepreneurs are the organizers and originists of this innovative process.By creatively breaking the market balance, there will be opportunities for entrepreneurs to obtain excess profits.

It is worth mentioning that in addition, the author believes that loose monetary policies and positive fiscal policies are also natural enemies of the "creative destruction" mechanism.Xiong Peter comes to his economic cycle theory based on the theory of creative destruction: when the prosperity cycle reaches the bottom, it is also that some entrepreneurs have to consider withdrawing from the market or some entrepreneurs must "innovate" to survivewhen.As long as the excess competitors are sieved or there are some successful "innovation", it will improve the prosperity and production efficiency, but when a certain industry is re -favorable, it will attract new competitors to invest, and thenIt is another decrease in profit, back to the previous state ... Every depression contains the possibility of technological innovation. This sentence can also be stated in turn: the result of technological innovation, which is the pretentious next depression that can be expected to be the next depression.Essence

Unfortunately, in reality, whenever the economy fluctuates, under the guidance of Keynes theory, the government often only takes care of the interests in front of the eyes, and starts to adopt loose monetary policies and positive fiscal policies to stimulate, rather than kill zombies in the trend.Enterprises, clearing debts to activate creative destruction mechanisms and accelerate the upgrading of industrial structure. As a result, it supports the original industrial model.

The author is a Chinese financial columnist