Innovation and Growth in the Global Economy, vol 1

Gene Grossman and Elhanan Helpman

in MIT Press Books from The MIT Press

Abstract: 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.

Keywords: innovation; growth theory; industrial research (search for similar items in EconPapers)
JEL-codes: O25 O31 O4 (search for similar items in EconPapers)
Date: 1993
Edition: 1
ISBN: 0-262-57097-1
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Citations: View citations in EconPapers (300)

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