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Looking into the black box of Schumpeterian Growth Theories: an empirical assessment of R&D races

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  • Francesco Venturini

Abstract

This paper assesses whether the most important R&D technologies at the roots of second-generation Schumpeterian growth theories are consistent with patenting and innovation statistics. Using US manufacturing industry data, we estimate various systems of simultaneous equations modeling the innovation functions underlying growth frameworks based on variety expansion, diminishing technological opportunities and rent protection activities. Our evidence indicates that innovation functions characterized by the increasing difficulty of R&D activity fit US data better. This finding relaunches the debate on the soundness of the new Schumpeterian strand of endogenous growth literature.

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  • Francesco Venturini, 2011. "Looking into the black box of Schumpeterian Growth Theories: an empirical assessment of R&D races," Quaderni del Dipartimento di Economia, Finanza e Statistica 94/2011, Università di Perugia, Dipartimento Economia.
    • Handle: RePEc:pia:wpaper:94/2011
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    More about this item

    Keywords

    R&D; patenting; Schumpeterian growth; US manufacturing.;
    All these keywords.

    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
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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