A Schumpeterian growth model: wealth and directed technological change

Cristiano Antonelli

The Journal of Technology Transfer, 2016, vol. 41, issue 3, No 1, 395-406

Abstract: Abstract This paper explores the effects of the accumulation of savings on the creative reaction of firms, the search for technological congruence and the direction of technological change with a Schumpeterian model of endogenous growth. The model shows how the accumulation of wealth accounts for the reduction of the relative user cost of capital and activates, with proper levels of knowledge governance, the creative reaction of firms, search for higher levels of technological congruence and the introduction of directed technological change with higher levels of capital intensity. The dynamics of accumulation of wealth and induced technological change accounts the self-sustained increase of total factor productivity.

Keywords: Wealth accumulation; Technological congruence; Directed technological change (search for similar items in EconPapers)
JEL-codes: O33 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10961-015-9410-2

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