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Innovation and growth: supply and demand factors in the US expansion

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  • Annamaria Simonazzi

Abstract

It is widely held that the social-economic context of the United States, characterised by labour market flexibility and deregulation of product and capital markets, lies at the basis of the innovative capacity displayed by the country’s productive system in the ‘90s, thus accounting for the growth differential with Europe. Starting from a different interpretative model of innovation and growth, the paper focuses on both supply (institutional and technological) and demand factors. It is argued that, when their interaction is duly taken into account, there is no strong evidence that more deregulated labor and product markets are among the factors allowing for US growth. In accordance with the view that there is no single road to innovation and growth, this leaves room for exploration and implementation of policies that might reconcile innovation and growth with the safeguard of fundamental features of Europe’s social institutions.

Suggested Citation

  • Annamaria Simonazzi, 2002. "Innovation and growth: supply and demand factors in the US expansion," Working Papers 53, University of Rome La Sapienza, Department of Public Economics.
  • Handle: RePEc:sap:wpaper:wp53
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    Keywords

    innovation; growth; deregulation; macroeconomic policies.;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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