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Innovation and Growth in the Global Economy By Gene M. Grossman

Innovation and Growth in the Global Economy
by Gene M. Grossman

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In traditional growth theory innovation is treated as an exogenous process or by-product of investment in machinery and equipment. Here, the authors develop an approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by profit-seeking agents.
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Innovation and Growth in the Global Economy Summary


Innovation and Growth in the Global Economy by Gene M. Grossman

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 an approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by forward looking, profit-seeking agents. They also devote attention to the place of international trade in the growth process, including the transmission of innovations from the industrial economies to the IDCs. Grossman and Helpman provide an overview of recent analyses of innovation and growth, expanding the available formal theory in a number of ways. They develop straightforward theoretical models that treat innovation as the outgrowth of costly investments in industrial competitive conditions in national and international product markets. Since firms in different countries race to bring out new products, growth processes are linked by international technological competition. An important aspect of Grossman and Helpman's study, is that they focus on the growth process of a country that operates in a global economy. They allow comparative advantage to be created endogenously in the industrial research laboratory but look at the dynamic determinants in the pattern of trade and the interactions between trade and growth. One chapter is devoted entirely to how economic integration affects a country's innovation and growth, while another studies the effects of national policies in an international environment. The final two chapters take up interaction between the processes of innovation in the industrialized North and imitation in the middle income South.

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Table of Contents


Part 1 Growth and technology: facts about growth, the contribution of industrial innovation; technology as an economic commodity; method and organization of the book. Part 2 Traditional growth theory: solow; optimal savings; learning by doing; basic research. Part 3 Expanding product variety: brand proliferation; public knowledge capital; industrial policies; welfare. Part 4 Rising product quality: the basic model; endogenous quality increments; welfare. Part 5 Factor accumulation: physical capital; human capital; country size and resource composition. Part 6 Small open economy: a model with nontraded intermediates; trade and growth; trade and welfare; international capital flows; international knowledge flows. Part 7 Dynamic comparative advantage: international brand proliferation; international quality competition; multinational corporations; patent licensing. Part 8 Hysteresis: a benchmark economy; steady states; equal-wage trajectories; unequal-wage trajectories; R&D subsidies. Part 9 Trade and growth: diffusion of knowledge; trade between similar countries; trade with uneven innovation; trade between dissimilar countries. Part 10 international transmission of policies: quality upgrading - a graphical treatment; R&D subsidies; production subsidies; trade policies. Part 11 Imitation: a model of imitation; steady-state equilibrium; determinants of innovation and imitation; determinants of relative wages. Part 12 Product cycles: imitation with rising product quality; steady-state equilibrium; efficient followers; inefficient followers. Part 13 Lessons about growth.

Additional information

GOR010196151
Innovation and Growth in the Global Economy by Gene M. Grossman
Gene M. Grossman
Used - Very Good
Hardback
MIT Press Ltd
1991-11-04
376
0262071363
9780262071369
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.