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Innovation and demand in industry dynamics

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Author Info

  • Francesco Bogliacino

    ()
    (European Commission)

  • Mario Pianta

    ()
    (Department of Economics, Università di Urbino "Carlo Bo")

Abstract

The links between three interconnected elements of the Schumpeterian sources of economic change are explored, conceptually and empirically, in this paper: the commitment of industries to invest profits in cumulative R&D efforts; the ability of industries’ R&D to lead to successful innovations; the impact of new products and processes on high entrepreneurial profits. We consider the nature and variety of innovative efforts – distinguishing in particular between strategies of technological and cost competiveness – and we introduce the role of demand in pulling technological change and supporting profits. We develop a simultaneous three-equation model and we test it at industry level – for 38 manufacturing and service sectors – on eight European countries over two time periods from 1994 to 2006. The results show that the model effectively accounts for the dynamics of European industries and highlights the interconnections between the different factors contributing to growth.

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File URL: http://www.econ.uniurb.it/RePEc/urb/wpaper/WP_11_01.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini in its series Working Papers with number 1101.

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Length: 14 pages
Date of creation: 2011
Date of revision: 2011
Handle: RePEc:urb:wpaper:11_01

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Web page: http://www.econ.uniurb.it/
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Related research

Keywords: R&D; Innovation; Profits; Demand; System Three Stages Least Squares.;

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Cited by:
  1. Mario Pianta & Andrea Vaona, 2006. "Innovation and productivity in European industries," Working Papers 34, University of Verona, Department of Economics.

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