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Looking into the black box of Schumpeterian growth theories: An empirical assessment of R&D races

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  • Venturini, Francesco

Abstract

This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with innovation statistics. Using US manufacturing industry data, we estimate some systems of simultaneous equations modeling the innovation functions based on variety expansion and diminishing technological opportunities. Our findings indicate that the framework characterized by the increasing difficulty of R&D fits US data better. We discuss the implications of the results for the evolution of the endogenous growth literature.

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Bibliographic Info

Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 56 (2012)
Issue (Month): 8 ()
Pages: 1530-1545

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Handle: RePEc:eee:eecrev:v:56:y:2012:i:8:p:1530-1545

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Keywords: R&D; Patenting; Schumpeterian growth; US manufacturing; O3; O4;

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Cited by:
  1. Stepanok, Ignat, 2010. "Cross-Border Mergers and Greenfield Foreign Direct Investment," Working Paper Series in Economics and Finance 0731, Stockholm School of Economics, revised 29 Nov 2010.
  2. Segerstrom, Paul & Stepanok, Ignat, 2010. "Learning How to Export," Working Paper Series in Economics and Finance 0727, Stockholm School of Economics, revised 14 Dec 2010.
  3. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2013. "A Schumpeterian Analysis of Monetary Policy, Innovation and North-South Technology Transfer," MPRA Paper 49533, University Library of Munich, Germany.
  4. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2013. "Inflation, Unemployment and Economic Growth in a Schumpeterian Economy," MPRA Paper 50510, University Library of Munich, Germany.
  5. Fujii, Hidemichi & Kazuma, Edamura & Sumikura, Koichi & Furusawa, Yoko & Fukuzawa, Naomi & Managi, Shunsuke, 2014. "How enterprise strategies are related to innovation and productivity change: An empirical study of Japanese manufacturing firms," MPRA Paper 57996, University Library of Munich, Germany.
  6. A. Minniti & F. Venturini, 2014. "R&D Policy and Schumpeterian Growth: Theory and Evidence," Working Papers wp945, Dipartimento Scienze Economiche, Universita' di Bologna.
  7. Finn Martensen, 2013. "Globalization, Unemployment, and Product Cycles: Short- and Long-Run Effects," Working Paper Series of the Department of Economics, University of Konstanz 2013-16, Department of Economics, University of Konstanz.

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