Innovation and Growth in the Global Economy

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.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.

• | Author: Gene M. Grossman
• | Publisher: MIT Press
• | Publication Date: Jan 29, 1993
• | Number of Pages: 376 pages
• | Binding: Paperback or Softback
• | ISBN-10: 0262570971
• | ISBN-13: 9780262570978