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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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Web page: http://www.elsevier.com/locate/eer

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

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Citations

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Cited by:
  1. Ignat Stepanok, 2012. "Cross-Border Mergers and Greenfield Foreign Direct Investment," Kiel Working Papers 1805, Kiel Institute for the World Economy.
  2. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2013. "A Schumpeterian Analysis of Monetary Policy, Innovation and North-South Technology Transfer," Economics Working Paper Series 1319, University of St. Gallen, School of Economics and Political Science.
  3. A. Minniti & F. Venturini, 2014. "R&D Policy and Schumpeterian Growth: Theory and Evidence," Working Papers wp945, Dipartimento Scienze Economiche, Universita' di Bologna.
  4. 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.
  5. 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.
  6. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2013. "Inflation, Unemployment and Economic Growth in a Schumpeterian Economy," Economics Working Paper Series 1323, University of St. Gallen, School of Economics and Political Science.

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