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Accounting for Trends in Productivity and R&D: A Schumpeterian Critique of Semi-Endogenous Growth Theory

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JOONKYUNG HA
PETER HOWITT

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Abstract

This paper argues that long-run trends in R&D and TFP are more supportive of fully endogenous "Schumpeterian" growth theory than they are of semi-endogenous growth theory. The distinctive prediction of semi-endogenous theory that sustained TFP growth requires sustained growth of R&D input is not supported by co-integration tests and forecasting exercises, as TFP growth has been stationary even though the growth rate of R&D input has fallen three-fold since the early 1950s. In contrast, the prediction of Schumpeterian theory that sustained TFP growth requires a sustained fraction of GDP to be spent on R&D is not contradicted by similar tests. Copyright 2007 The Ohio State University.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1538-4616.2007.00045.x
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Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 39 (2007)
Issue (Month): 4 (06)
Pages: 733-774
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Handle: RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:733-774

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  1. Ang, James, 2009. "CO2 Emissions, Research and Technology Transfer in China," MPRA Paper 13261, University Library of Munich, Germany. [Downloadable!]
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  2. Ang, James & Madsen, Jakob, 2009. "Can Second-Generation Endogenous Growth Models Explain The Productivity Trends and Knowledge Production In the Asian Miracle Economies?," MPRA Paper 17543, University Library of Munich, Germany. [Downloadable!]
  3. Ang, James, 2009. "Financial Reforms, Patent Protection and Knowledge Accumulation in India," MPRA Paper 17656, University Library of Munich, Germany. [Downloadable!]
  4. Minniti, A. & Parello , C. & Segerstrom, P. S., 2008. "A Schumpeterian Growth Model with Heterogenous Firms," MPRA Paper 13674, University Library of Munich, Germany. [Downloadable!]
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  5. Jakob B. Madsen & EPRU & FRU, 2007. "Semi-Endogenous Versus Schumpeterian Growth Models: Testing The Knowledge Production Function Using International Data," Monash Economics Working Papers 26/07, Monash University, Department of Economics. [Downloadable!]
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  6. Jakob B. Madsen, . "The Anatomy of Growth in the OECD since 1870: the Transformation from the Post-Malthusian Growth Regime to the Modern Growth Epoch," Monash Economics Working Papers 2009-14, Monash University, Department of Economics. [Downloadable!]
  7. David T. Coe & Elhanan Helpman & Alexander W. Hoffmaister, 2008. "International R&D Spillovers and Institutions," NBER Working Papers 14069, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Jakob B. Madsen, 2006. "Are there Diminishing Returns to R&D?," EPRU Working Paper Series 06-05, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
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  9. Bas Straathof, 2006. "Schooling inequality and the rise of research," CPB Discussion Papers 74, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
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  10. Kunieda, Takuma, 2008. "Finance and Growth Cycles," MPRA Paper 11340, University Library of Munich, Germany. [Downloadable!]
  11. Growiec, Jakub, 2008. "Knife-edge conditions in the modeling of long-run growth regularities," MPRA Paper 9956, University Library of Munich, Germany. [Downloadable!]
  12. Jakob B. Madsen & Shishir Saxena & James B. Ang, 2008. "The Indian Growth Miracle And Endogenous Growth," CAMA Working Papers 2008-29, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
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  13. Pietro Peretto & Michelle Connolly, 2007. "The Manhattan Metaphor," Journal of Economic Growth, Springer, vol. 12(4), pages 329-350, December. [Downloadable!] (restricted)
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