Innovation and Growth in the Global Economy
Innovation and Growth in the Global Economy
The MIT Press | 1993-01-29 | ISBN: 0262570971 | 375 pages | PDF | 14,5 MB
Traditional growth theory emphasizes the incentives for capital accumulation rather than technological progress. Innovation is treated as an exogenous process or a by-product of investment in machinery and equipment. Grossman and Helpman develop a unique approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by forward-looking, profit-seeking agents.