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Patents, Innovation and Growth

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  • MARK CROSBY

Abstract

New growth theories emphasize the role played by innovation in promoting economic growth. Since it is difficult to quantify the amount of innovation undertaken in an economy, there is little available empirical evidence assessing the contribution made by innovation to growth, in contrast to abundant evidence on the role of physical capital accumulation in the growth process. In this paper patent data are used to proxy the amount of innovation undertaken in an economy. The patent data are used to explore two questions. First, how important is innovation to economic growth in Australia, and second, are reductions in innovations sourced in Australia offset by increases in foreign sourced innovations in Australia?

Suggested Citation

  • Mark Crosby, 2000. "Patents, Innovation and Growth," The Economic Record, The Economic Society of Australia, vol. 76(234), pages 255-262, September.
    • Handle: RePEc:bla:ecorec:v:76:y:2000:i:234:p:255-262
    DOI: 10.1111/j.1475-4932.2000.tb00021.x
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    References listed on IDEAS

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    4. Zvi Griliches, 1998. "Patent Statistics as Economic Indicators: A Survey," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 287-343, National Bureau of Economic Research, Inc.
    5. Sam Strong & Siew Ping Tan, 1991. "The Australian Business Cycle: Its Definition and Existence," The Economic Record, The Economic Society of Australia, vol. 67(2), pages 115-125, June.
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