ISSN:
1432-1386
Keywords:
Schumpeter
;
Endogenous innovation
;
Endogenous growth
;
Innovation diffusion
;
Creative destruction
;
O16
;
O33
;
O40
;
O41
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Abstract A disequilibrium model of endogenous innovation and growth is presented. The behaviour of the agents is supposed to be governed by routines, not by maximization. The entrepreneurs are assumed to invest a fraction of their operating profits in real capital accumulation, and another fraction in R&D. The latter leads to an increase in labour productivity via a R&D production function. In this ‘Schumpeterian’ model, not only the R&D processes of innovations are considered, but the diffusion processes as well. As in Schumpeter's theory of economic development the economic impact of technical change is considered a disequilibrium phenomenon. Thus, in a capitalist economy characterized by ongoing diffusion processes of innovations, time averages are more important than steady state values even in a long run perspective.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF01236370
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