Innovation and Growth in the Global Economy (The MIT Press)

by Gene M. Grossman and Elhanan Helpman

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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