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Efficiency Dynamics and Industry Growth

In: Technology, Innovations and Growth

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  • Jati K. Sengupta

Abstract

Growth of economic efficiency and productivity are the keys to industry growth. Cost reduction resulting from efficiency growth provides the dynamic strategy in both competitive and monopolistic markets. Solow characterized the long-run growth of the US economy as due to technological progress. Innovation in various forms, such as R&D, knowledge capital and inventive activity, comprises technological progress. Recent endogenous models of growth have emphasized learning by doing and knowledge capital as crucial to long-run sustained growth. We discuss in this chapter two aspects of efficiency dynamics and industry growth. First, we discuss the various theoretical and empirical models that analyze industry growth due to efficiency changes. We discuss here the role of technology and innovations in productivity growth. The impact of R&D and its externalities are also discussed. Secondly, we discuss the innovation dynamics in Asia with reference to China and India, since these countries are likely to emerge as leading players in future growth episodes in Asia.

Suggested Citation

  • Jati K. Sengupta, 2011. "Efficiency Dynamics and Industry Growth," Palgrave Macmillan Books, in: Technology, Innovations and Growth, chapter 5, pages 114-143, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29525-4_5
    DOI: 10.1057/9780230295254_5
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