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Looking into the black box of Schumpeterian growth theories: An empirical assessment of R&D races

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  • Venturini, Francesco

Abstract

This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with innovation statistics. Using US manufacturing industry data, we estimate some systems of simultaneous equations modeling the innovation functions based on variety expansion and diminishing technological opportunities. Our findings indicate that the framework characterized by the increasing difficulty of R&D fits US data better. We discuss the implications of the results for the evolution of the endogenous growth literature.

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  • Venturini, Francesco, 2012. "Looking into the black box of Schumpeterian growth theories: An empirical assessment of R&D races," European Economic Review, Elsevier, vol. 56(8), pages 1530-1545.
    • Handle: RePEc:eee:eecrev:v:56:y:2012:i:8:p:1530-1545
    DOI: 10.1016/j.euroecorev.2012.08.005
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    More about this item

    Keywords

    R&D; Patenting; Schumpeterian growth; US manufacturing; O3; O4;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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