Innovation and growth in the global economy

MIT Press

1993

xiv, 359 pages

9780262570978

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 machine and equipment. The authors develop a unique approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by forward-looking, profit-seeking agents

Английский