Innovation and Growth in the Global Economy
| Author | : Gene M. Grossman |
| Publisher | : MIT Press |
| Total Pages | : 380 |
| Release | : 1993-01-29 |
| ISBN-10 | : 0262570971 |
| ISBN-13 | : 9780262570978 |
| Rating | : 4/5 (978 Downloads) |
Download or read book Innovation and Growth in the Global Economy written by Gene M. Grossman and published by MIT Press. This book was released on 1993-01-29 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. 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.
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