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Semi-endogenous Versus Schumpeterian Growth Models: A Critical Review of the Literature and New Evidence

Author

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  • Herzer Dierk

    (Department of Economics, Helmut-Schmidt-University Hamburg, Holstenhofweg 85, 22043 Hamburg, Germany)

Abstract

Several studies have tested semi-endogenous versus Schumpeterian growth models using different methodological approaches. This paper critically reviews these studies including their approaches and provides new evidence on this issue, by analyzing both time-series data from the United States and panel data from 19 OECD countries over the period 1980–2014. The review finds much support for Schumpeterian growth theory, but shows that all studies reviewed have several limitations. These limitations include conceptual problems associated with the use of the number/stock of patents as a measure of the flow/stock of knowledge, the possibility of spurious regressions due to non-stationary data, potential mismeasurement of R&D inputs due to possible interpolation and deflation errors, misspecification problems that can arise in difference models when variables are cointegrated, and potential spurious rejections of the unit root hypothesis for R&D intensity when the lag length in unit root tests is too small. The present study avoids these limitations and finds strong evidence in favor of semi-endogenous growth.

Suggested Citation

  • Herzer Dierk, 2022. "Semi-endogenous Versus Schumpeterian Growth Models: A Critical Review of the Literature and New Evidence," Review of Economics, De Gruyter, vol. 73(1), pages 1-55, April.
    • Handle: RePEc:lus:reveco:v:73:y:2022:i:1:p:1-55:n:3
    DOI: 10.1515/roe-2021-0023
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    Cited by:

    1. Dierk Herzer, 2022. "An Empirical Note on the Long-Run Effects of Public and Private R&D on TFP," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(4), pages 3248-3264, December.
    2. Yifei Cai & Jamel Saadaoui, 2022. "Fourier DF unit root test for R&D intensity of G7 countries," Applied Economics, Taylor & Francis Journals, vol. 54(42), pages 4900-4914, September.
    3. Ege Erdil & Tamay Besiroglu & Anson Ho, 2024. "Estimating Idea Production: A Methodological Survey," Papers 2405.10494, arXiv.org.
    4. Peter K. Kruse‐Andersen, 2023. "Testing R&D‐Based Endogenous Growth Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(5), pages 1083-1110, October.
    5. Nathan Schild & Jamel Saadaoui & Patrick Rondé, 2026. "Neo-Schumpeterian Growth: Political and Religious Stability Matter," Working Papers of BETA 2026-04, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    6. Ege Erdil & Tamay Besiroglu, 2023. "Explosive growth from AI automation: A review of the arguments," Papers 2309.11690, arXiv.org, revised Jul 2024.
    7. Kelli E. Wood & Stephen J. Conroy & Adriana Vamosiu, 2026. "The effects of patenting on regional economic activity: Are patents engines of economic growth?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 50(1), pages 1-24, December.

    More about this item

    Keywords

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    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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