Pg. 299-301

Romer's Buffalo model of aggregate growth showed sufficient job creation, but neever showed what would happen when jobs become obsolete. The idea of out-dated jobs was referred to as "creative destruction" by Joseph Schumpeter in 1942, and teams of researchers had been formed to address the problem. In a capitalist society, economic progress and competition are always in need of new investments because production is continuous. Models built to demonstrate "creative destruction" are menat to reveal what happened in an industry durind and between periods of technological advancement. Many economists became uninterested in learning more about economic growth around around 1970, and it wasn't until the 1980's that a race amongst economists spurred to construct models that reflected the mechanisms that result in "creative destruction". Oneeconomist that is renown for his work in explaining economic growth is Gene Grossman,who wrote Economic Growth: Theory and Evidence. Grossman claimed that "the neoclassical model 'could not deliver all of the answers'", therefore growth measures were becoming more and more unproductive. In the mid-1980's, economists interest in the mechanisms of aggregate growth when Paul Romer finished a dissertation at the University of Chicago, and after Robert Summers and Alan Heston gave the public access to their data of 100+ countries comparing GDP and its components. It was after these two events that Grossman compiled what, in his opinion, were 37 of the most significant papers to the new world of economics.