Scientific breakthroughs, innovation clusters and stochastic growth cycles
AbstractWe develop a dynamic stochastic general-equilibrium model of science, education and innovation to explain the simultaneous emergence of innovation clusters and stochastic growth cycles. Firms devote human-capital resources to research activities in order to invent higher quality products. The technological requirements in climbing up the quality ladders increase over time but this hampering effect is compensated for by an improving qualification of researchers allowing for a sustainable process of innovation and scale-invariant growth. Jumps in human capital, triggered by scientific breakthroughs, induce innovation clusters across industries and generate long-run growth cycles. --
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Bibliographic InfoPaper provided by University of Tuebingen, Faculty of Economics and Social Sciences in its series University of Tuebingen Working Papers in Economics and Finance with number 60.
Date of creation: 2013
Date of revision:
Science; Education; Innovation clusters; Stochastic growth cycles;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-10-11 (All new papers)
- NEP-CSE-2013-10-11 (Economics of Strategic Management)
- NEP-DGE-2013-10-11 (Dynamic General Equilibrium)
- NEP-ENT-2013-10-11 (Entrepreneurship)
- NEP-FDG-2013-10-11 (Financial Development & Growth)
- NEP-HRM-2013-10-11 (Human Capital & Human Resource Management)
- NEP-INO-2013-10-11 (Innovation)
- NEP-KNM-2013-10-11 (Knowledge Management & Knowledge Economy)
- NEP-MAC-2013-10-11 (Macroeconomics)
- NEP-ORE-2013-10-11 (Operations Research)
- NEP-SOG-2013-10-11 (Sociology of Economics)
- NEP-TID-2013-10-11 (Technology & Industrial Dynamics)
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