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Innovation and Growth in the Global Economy
Paperback
ISBN13: 9780262570978
Publisher: MIT Press
Published: Jan 29 1993
Pages: 376
Weight: 1.30
Height: 0.82 Width: 5.91 Depth: 8.94
Language: English
Traditional growth theory emphasizes the incentives for capital accumulation rather than technological progress. Innovation is treated as an exogenous process or a by-product of investment in machinery and equipment. Grossman and Helpman develop a unique approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by forward-looking, profit-seeking agents.
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