AbstractThis paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. We characterize the cyclicals dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications.
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Bibliographic InfoPaper provided by CIRPEE in its series Cahiers de recherche with number 0704.
Date of creation: 2007
Date of revision:
Research dynamics; innovation cycles; indeterminacy;
Other versions of this item:
- O39 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Other
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-04-09 (All new papers)
- NEP-INO-2007-04-09 (Innovation)
- NEP-SOG-2007-04-09 (Sociology of Economics)
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