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The implications of innovations and wage structure rigidity on economic growth and unemployment: A Schumpeterian approach to endogenous growth theory

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  • Nusser, Michael
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    The approach put forward in this article is based on Schumpeter`s idea of creative destruction, the competitive process by which entrepreneurs are always looking for new ideas that will render their rivals` ideas obsolete. By focusing explicity on innovation as an economic activity with different economic causes and effects, this article tries to open the door to a deeper understanding of how labor market rigidities in form of wage structure rigidities affect longrun growth through their effects on economic agent`s incentives to engage in innovative or more generally knowledge-producing activities. That is, to the extent that wage structure rigidities limits the ability of a successful innovator to capture monopoly rents from his or her innovations, it will be harmful to growth and employment.

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    Paper provided by Bamberg University, Bamberg Economic Research Group in its series BERG Working Paper Series with number 26.

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    Date of creation: 1998
    Handle: RePEc:zbw:bamber:26
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