A Schumpeterian Model of Endogenous Innovation and Growth
A disequilibrium model of endogenous innovation and growth is presented. The behaviour of the agents is supposed to be governed by routines, not by maximization. The entrepreneurs are assumed to invest a fraction of their operating profits in real capital accumulation, and another fraction in R&D. The latter leads to an increase in labour productivity via a R&D production function. In this "Schumpeterian" model, not only the R&D processes of innovations are considered, but the diffusion processes as well. As in Schumpeter's theory of economic development, the economic impact of technical change is considered a disequilibrium phenomenon. Thus, in a capitalist economy characterized by ongoing diffusion processes of innovations, time averages are more important than steady state values even in a long run perspective.
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Volume (Year): 4 (1994)
Issue (Month): 3 (September)
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