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Looking into the black box of Schumpeterian Growth Theories: an empirical assessment of R&D races

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  • Francesco Venturini

Abstract

This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with patenting and innovation statistics. Using US manufacturing industry data, we estimate various systems of simultaneous equations modeling the innovation functions underlying growth frameworks based on variety expansion, diminishing technological opportunities and rent protection activities. Our evidence indicates that innovation functions characterized by the increasing difficulty of R&D activity fit US data better. This finding relaunches the debate on the soundness of the new Schumpeterian strand of endogenous growth literature.

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Bibliographic Info

Paper provided by Università di Perugia, Dipartimento Economia, Finanza e Statistica in its series Quaderni del Dipartimento di Economia, Finanza e Statistica with number 94/2011.

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Length: 31 pages
Date of creation: 01 Sep 2011
Date of revision:
Handle: RePEc:pia:wpaper:94/2011

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Keywords: R&D; patenting; Schumpeterian growth; US manufacturing.;

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Cited by:
  1. Paul S. Segerstrom & Ignat Stepanok, 2012. "Learning How to Export," Kiel Working Papers 1801, Kiel Institute for the World Economy.
  2. 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.
  3. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2013. "A Schumpeterian Analysis of Monetary Policy, Innovation and North-South Technology Transfer," MPRA Paper 49533, University Library of Munich, Germany.
  4. Stepanok, Ignat, 2010. "Cross-Border Mergers and Greenfield Foreign Direct Investment," Working Paper Series in Economics and Finance 0731, Stockholm School of Economics, revised 29 Nov 2010.
  5. A. Minniti & F. Venturini, 2014. "R&D Policy and Schumpeterian Growth: Theory and Evidence," Working Papers wp945, Dipartimento Scienze Economiche, Universita' di Bologna.
  6. 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.

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