A Schumpeterian Model of Endogenous Innovation and Growth
AbstractA disequilibrium model of endogenous innovation and growth is presented. The behaviour of the agents is supposed to be governed by routines, not by maximization. The entrepreneurs are assumed to invest a fraction of their operating profits in real capital accumulation, and another fraction in R&D. The latter leads to an increase in labour productivity via a R&D production function. In this "Schumpeterian" model, not only the R&D processes of innovations are considered, but the diffusion processes as well. As in Schumpeter's theory of economic development, the economic impact of technical change is considered a disequilibrium phenomenon. Thus, in a capitalist economy characterized by ongoing diffusion processes of innovations, time averages are more important than steady state values even in a long run perspective.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 4 (1994)
Issue (Month): 3 (September)
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