Innovation and Growth in the Global Economy

Innovation and Growth in the Global Economy

By Gene M. Grossman and Elhanan Helpman
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.
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Summary

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.

Hardcover

Out of Print ISBN: 9780262071369 384 pp. | 5.875 in x 9 in

Paperback

$45.00 S | £35.00 ISBN: 9780262570978 384 pp. | 5.875 in x 9 in

Authors

Gene M. Grossman

Gene M. Grossman is Jacob Viner Professor of International Economics and Director of the International Economics Section at Princeton University.

Elhanan Helpman

Elhanan Helpman is Professor of Economics at Harvard University, the Archie Sherman Chair Professor of International Economic Relations in the Eitan Berglas School of Economics at Tel-Aviv University, and a Fellow at the Canadian Institute for Advanced Research.

Endorsements

  • A pathbreaking contribution by two of the smartest economists at the frontier of trade theory today.

    Jagdish Bhagwati

    Columbia University