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Scientific breakthroughs, innovation clusters and stochastic growth cycles

  • Stadler, Manfred
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    We develop a dynamic stochastic general-equilibrium model of science, education and innovation to explain the simultaneous emergence of innovation clusters and stochastic growth cycles. Firms devote human-capital resources to research activities in order to invent higher quality products. The technological requirements in climbing up the quality ladders increase over time but this hampering effect is compensated for by an improving qualification of researchers allowing for a sustainable process of innovation and scale-invariant growth. Jumps in human capital, triggered by scientific breakthroughs, induce innovation clusters across industries and generate long-run growth cycles.

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    File URL: http://econstor.eu/bitstream/10419/83050/1/767163621.pdf
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    Paper provided by University of Tuebingen, Faculty of Economics and Social Sciences in its series University of Tuebingen Working Papers in Economics and Finance with number 60.

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    Date of creation: 2013
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    Handle: RePEc:zbw:tuewef:60
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    1. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March.
    2. B. Verspagen & G. Silverberg, 2000. "Breaking the waves: a poisson regression approach to schumpeterian clustering of basic innovations," Working Papers 00.16, Eindhoven Center for Innovation Studies.
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    7. Manfred Stadler, 2012. "Engines of Growth: Education and Innovation," Review of Economics, Lucius & Lucius, vol. 63(2), pages 113-124.
    8. Francois, P. & Shi, S., 1999. "Innovation, growth and welfare-improving cycles," Discussion Paper 1999-13, Tilburg University, Center for Economic Research.
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    10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    12. Gene M. Grossman & Elhanan Helpman, 1989. "Quality Ladders in the Theory of Growth," NBER Working Papers 3099, National Bureau of Economic Research, Inc.
    13. Stadler, George W, 1990. "Business Cycle Models with Endogenous Technology," American Economic Review, American Economic Association, vol. 80(4), pages 763-78, September.
    14. Vincenzo Denicolò & Piercarlo Zanchettin, 2012. "Leadership Cycles in a Quality‐Ladder Model of Endogenous Growth," Economic Journal, Royal Economic Society, vol. 122(561), pages 618-650, 06.
    15. Antonio Minniti & Carmelo Parello & Paul Segerstrom, 2013. "A Schumpeterian growth model with random quality improvements," Economic Theory, Springer, vol. 52(2), pages 755-791, March.
    16. Jovanovic, Boyan & Rob, Rafael, 1987. "Long Waves and Short Waves: Growth Through Intensive and Extensive Search," Working Papers 87-35, C.V. Starr Center for Applied Economics, New York University.
    17. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May.
    18. Kenneth Carlaw & Richard Lipsey, 2011. "Sustained endogenous growth driven by structured and evolving general purpose technologies," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 563-593, October.
    19. Stadler, Manfred, 2012. "Engines of growth: Education and innovation," University of Tuebingen Working Papers in Economics and Finance 40, University of Tuebingen, Faculty of Economics and Social Sciences.
    20. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
    21. repec:dgr:kubcen:199913 is not listed on IDEAS
    22. Stein, Jeremy C, 1997. "Waves of Creative Destruction: Firm-Specific Learning-by-Doing and the Dynamics of Innovation," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 265-88, April.
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