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Endogenous Innovation in the Theory of Growth

Endogenous Innovation in the Theory of Growth Abstract This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of ‘endogenous growth.’ Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

Endogenous Innovation in the Theory of Growth

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Publisher
American Economic Association
Copyright
Copyright © 1994 by the American Economic Association
Subject
Symposia
ISSN
0895-3309
DOI
10.1257/jep.8.1.23
Publisher site
See Article on Publisher Site

Abstract

Abstract This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of ‘endogenous growth.’ Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us.

Journal

Journal of Economic Perspectives – American Economic Association

Published: Feb 1, 1994

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