Growth, Development, and Technological Change
Volker Grossmann () and
Thomas Steger ()
No 2558, IZA Discussion Papers from Institute of Labor Economics (IZA)
The theory of endogenous technical change has deeply contributed to our understanding of the fundamental sources of economic growth and development. In this chapter we survey important contributions in the field by focussing on the basic structure of endogenous growth models with horizontal as well as vertical innovation and emphasizing important implications for growth policy. We address issues like the scale effect problem, directed technological change to understand the evolution of wage inequality, long-run divergence between the innovating North and the imitating South due to inappropriate technology in the South, the relationship between trade and growth, competition and R&D, and the role of imperfect capital markets for R&D-based growth.
Keywords: horizontal innovations; vertical innovations; endogenous technical change; scale effects; economic growth (search for similar items in EconPapers)
JEL-codes: O10 O30 O40 (search for similar items in EconPapers)
Pages: 68 pages
New Economics Papers: this item is included in nep-cse, nep-dev and nep-ino
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Published in: Wei-Bin Zhang (ed.), UNESCO Encyclopedia of Life Support Systems (Mathematical Models in Economics), Eolss Publishers, Oxford, UK: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:iza:izadps:dp2558
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