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Pursuing Problems in Growth

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  • Keely, Louise C

Abstract

This paper explores the theoretical implications of Schmookler's (1966) argument that a key determinant of technological change is the usefulness of new technologies. There is both historical and empirical support for his argument. The analysis implies that on-going growth depends delicately on a tension between uses for solutions to technological problems and the allocation of resources toward pursuing those solutions. Even alongside an endogenously increasing number of problems pursued, increasing research labor need not increase technology growth or per capita income growth. The results provide reconciliation of stylized facts regarding technological change and growth in the United States and Western Europe. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Keely, Louise C, 2002. "Pursuing Problems in Growth," Journal of Economic Growth, Springer, vol. 7(3), pages 283-308, September.
    • Handle: RePEc:kap:jecgro:v:7:y:2002:i:3:p:283-308
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    Cited by:

    1. Le, Thanh, 2011. "Do government policies affect growth? Examining a model with R&D and factor accumulation," Research in Economics, Elsevier, vol. 65(1), pages 62-70, March.
    2. Vahid Omidi & Abolfazl Shahabadi & Nader Mehregan, 2020. "Innovation Drivers in Developing Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(2), pages 707-720, June.
    3. Yasusada Murata, 2009. "On the Number and the Composition of Varieties," Economic Journal, Royal Economic Society, vol. 119(539), pages 1065-1087, July.
    4. Alexandra Maria GALAN, 2016. "Research And Development: Base Of The Companies Progress In Knowledge Society," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 5(2), pages 1-36.

    More about this item

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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