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A Schumpeterian Model of Endogenous Innovation and Growth

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  • Englmann, F C

Abstract

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.

Suggested Citation

  • Englmann, F C, 1994. "A Schumpeterian Model of Endogenous Innovation and Growth," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 227-241, September.
  • Handle: RePEc:spr:joevec:v:4:y:1994:i:3:p:227-41
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    Cited by:

    1. Agnieszka Gehringer, 2011. "Pecuniary knowledge externalities and innovation: intersectoral linkages and their effects beyond technological spillovers," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 20(5), pages 495-515.
    2. repec:got:cegedp:100 is not listed on IDEAS
    3. Silverberg, Gerald, 1997. "Evolutionary modeling in economics : recent history and immediate prospects," Research Memorandum 008, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    4. Witold Kwasnicki, 2002. "Evolutionary models’ comparative analysis. Methodology proposition based on selected neo-schumpeterian models of industrial dynamics," Microeconomics 0203002, EconWPA.

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