Semi-endogenous versus Schumpeterian growth models: a critical review of the literature and new evidence

Dierk Herzer

MPRA Paper from University Library of Munich, Germany

Abstract: Several studies have tested semi-endogenous versus Schumpeterian growth models using different methodological approaches. This paper critically reviews these studies including their approaches and provides new evidence on this issue, by analyzing both time-series data from the United States and panel data from 19 OECD countries over the period 1980-2014. The review finds much support for Schumpeterian growth theory, but shows that all studies reviewed have several limitations, including conceptual problems associated with the use of the number/stock of patents as a measure of the flow/stock of knowledge, the possibility of spurious regressions due to non-stationary data, potential mismeasurement of R&D inputs due to possible interpolation and deflation errors, misspecification problems that can arise in difference models when variables are cointegrated, and potential spurious rejections of the unit root hypothesis for R&D intensity when the lag length in unit root tests is too small. The present study avoids these limitations and finds strong evidence in favor of semi-endogenous growth.

Keywords: semi-endogenous growth models; Schumpeterian growth models; R&D; TFP; unit roots; cointegration (search for similar items in EconPapers)
JEL-codes: O30 O40 (search for similar items in EconPapers)
Date: 2020-05
New Economics Papers: this item is included in nep-gro, nep-ino and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Semi-endogenous Versus Schumpeterian Growth Models: A Critical Review of the Literature and New Evidence (2022)
Working Paper: Semi-endogenous versus Schumpeterian growth models: a critical review of the literature and new evidence (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:100383

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