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  5. Endogenous Innovation in the Theory of Growth

Endogenous Innovation in the Theory of Growth

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Abstract

This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of 'endogenous growth.' Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us.

Citation

Grossman, Gene M., and Elhanan Helpman. 1994. "Endogenous Innovation in the Theory of Growth." Journal of Economic Perspectives, 8 (1): 23-44. DOI: 10.1257/jep.8.1.23

JEL Classification

  • O40 Economic Growth and Aggregate Productivity: General
  • O31 Innovation and Invention: Processes and Incentives
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