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.
- ISBN10 0262570971
- ISBN13 9780262570978
- Publish Date 29 January 1993 (first published 1 January 1991)
- Publish Status Active
- Publish Country US
- Publisher MIT Press
- Imprint The MIT Press
- Format Paperback (US Trade)
- Pages 376
- Language English
- URL https://penguinrandomhouse.com/books/isbn/9780262570978