Schumpeter and the Micro-foundations of Endogenous Growth

F.M. Scherer Aetna ()
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F.M. Scherer Aetna: School of Government Harvard University

A chapter in Essays in Honor of Edwin Mansfield, 2005, pp 15-26 from Springer

Abstract: Abstract This chapter traces the idea that technological change is endogenous to microeconomic roots considerably earlier than those emphasized in the “new” macroeconomic theories of economic growth. Building upon contributions by Richard Nelson, Jacob Schmookler, F.M. Scherer, and Yoram Barzel, it presents a lean model of how incentives for technological innovation arise endogenously from the interplay of changes in knowledge and demand. Paradoxes attributable to monopoly, parallel but independent technical initiatives, uncertainty, and the divergence between social and private benefits are resolved. A simulation analysis explores the implications of skew stochastic payoff distributions for the optimal number of R&D approaches.

Keywords: Endogenous technical change; innovation; Schumpeterian system; technology-push; demand-pull (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-0-387-25022-9_3

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DOI: 10.1007/0-387-25022-0_3

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