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

Endorsements

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

    Jagdish Bhagwati

    Columbia University