Innovation, industrial dynamics and economic growth

Manfred Stadler

No 84, University of Tübingen Working Papers in Business and Economics from University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics

Abstract: We present a class of dynamic general-equilibrium models of education, innovation and technology transfer to explain the evolution of industries and aggregate growth in closed and open economies. Firms employ educated workers in order to develop higher-quality products. The realization of quality innovations becomes more difficult as the quality level increases but this deterioration of technological opportunities is compensated by an improvement of the researchers' capabilities. Innovation and human-capital accumulation appear as in-line engines of scale-invariant endogenous growth. Industries evolve according to stochastic processes of innovation, imitation and technology adaption in the global economy.

Keywords: education; innovation; industrial dynamics; technology transfer; international trade; economic growth (search for similar items in EconPapers)
JEL-codes: F43 O31 O33 O34 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-cse, nep-fdg, nep-gro and nep-ino
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:tuewef:84

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