Process Innovations and Growth
AbstractThis work introduces firm heterogeneity in a dynamic model of growth with both process and product innovations. Deliberate R&D is undertaken to create new varieties of products that contribute to welfare through consumer's love of variety. Long-run growth is fuelled by process innovations that occur in response to i) increased supply capabilities (which increase with the number of varieties of patents at the technology frontier) and ii) demand incentives (through a larger market). The growing economy is described by a succession of moving equilibria and scale effects are mitigated through the reallocation of the workforce between the R&D and production sectors.
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Bibliographic InfoArticle provided by SIE - Societa' Italiana degli Economisti (I) in its journal Rivista Italiana degli Economisti.
Volume (Year): 13 (2008)
Issue (Month): 3 (December)
Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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