Looking into the black box of Schumpeterian growth theories: An empirical assessment of R&D races

This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with innovation statistics. Using US manufacturing industry data, we estimate some systems of simultaneous equations modeling the innovation functions ba...

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Bibliographic Details
Published inEuropean economic review Vol. 56; no. 8; pp. 1530 - 1545
Main Author Venturini, Francesco
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.11.2012
Elsevier Sequoia S.A
Subjects
Economic growth
Economic theory
Evolution
Growth models
Industrial innovations
Industry
Innovations
Manufacturers
Patenting
R&D
Research & development
Research and development
Schumpeterian growth
Studies
Technological change
U.S.A
US manufacturing
United States > US
Schumpeterian growth
R&D
O3
O4
US manufacturing
Patenting
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Summary:This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with innovation statistics. Using US manufacturing industry data, we estimate some systems of simultaneous equations modeling the innovation functions based on variety expansion and diminishing technological opportunities. Our findings indicate that the framework characterized by the increasing difficulty of R&D fits US data better. We discuss the implications of the results for the evolution of the endogenous growth literature. ► We assess the R&D races underlying the most recent Schumpeterian growth theories. ► The innovation framework characterized by R&D difficulty fits well US data. ► Results are robust to a large array of econometric issues.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0014-2921
1873-572X
DOI:10.1016/j.euroecorev.2012.08.005