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Innovation and economic growth

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  • Uppenberg, Kristian

    ()
    (European Investment Bank, Economic and Financial Studies)

Abstract

The literature on economic growth has identified knowledge expansion as a key propellant. Early research derived this conclusion from the residual that remained after the growth contributions from capital and labour had been accounted for. Later modifications expanded the concept of fixed capital to include intangible capital. The underlying drivers of innovation have, meanwhile, been explored by the endogenous growth literature. Together, these efforts have reconfirmed the role of knowledge and innovation in growth. But they also point to the importance of competition and firm entry and exit as key motivators for firms to innovate. Policies aiming to boost growth must therefore look beyond the amounts invested in R&D and also provide for wellfunctioning labour, product and financial markets.

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Bibliographic Info

Paper provided by European Investment Bank, Economics Department in its series EIB Papers with number 1/2009.

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Length: 26 pages
Date of creation: 23 Dec 2009
Date of revision:
Handle: RePEc:ris:eibpap:2009_001

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Keywords: Research and development; innovation; neoclassical growth model; endogenous growth;

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References

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Cited by:
  1. Cristina Mihaela Lazar & Ramona Nicoleta Bunda, 2012. "Knowledge-based Economy, an Appropriate Response to Organizational Change Pressures, with a View to Sustainable Development," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(32), pages 380-392, June.

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