Growth and innovation in the presence of knowledge and R&D accumulation dynamics

Michael A. Verba*

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

Abstract

This article develops a modeling framework for growth and innovation in which accumulation dynamics of knowledge and R&D are explicitly considered. The framework is based on a more general knowledge production process than commonly used in Endogenous Growth Theory and R&D productivity literatures, reconciling as special cases disparate analytical approaches. The proposed model of knowledge dynamics highlights the role of human and physical capital accumulation in the creation of innovations and cautions against their omission in empirical models. Econometric analysis largely supports the model's predictions.
Original languageEnglish
Number of pages26
JournalEconomics of Innovation and New Technology
DOIs
Publication statusE-pub ahead of print - Nov 2020

Keywords

  • Innovation
  • knowledge dynamics
  • growth theory
  • R&D
  • productivity
  • knowledge production function
  • accumulation

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