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Knowledge Exhaustibility and Schumpeterian Growth

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This paper accommodates the new understanding of the limited exhaustibility of knowledge into the Schumpeterian frame of the creative response to articulate a comprehensive model of Schumpeterian growth. The limited exhaustibility of knowledge and its transient appropriability favor the accumulation of a stock of quasi-public knowledge. The increasing stock of quasi-public knowledge together with appropriate knowledge governance conditions account for the secular decline of knowledge costs and the increase of diachronic and pecuniary knowledge externalities. Because of its limited exhaustibility and the consequent cumulability, knowledge is an endogenous endowment that accounts for growth. Unexpected out-of-equilibrium conditions in product and factor markets stir the response of firms. The availability of knowledge externalities accounts for the rate of innovation as they help making the reaction creative so as to enable the introduction of innovations. The search for technological congruence and the secular decline of the cost of technological knowledge accounts for its knowledge intensive direction as it induces the introduction of biased technological changes that augment the output elasticity of knowledge as an input. The limited exhaustibility of knowledge accounts for the secular trend towards the knowledge economy.

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  • Antonelli, Cristiano, 2017. "Knowledge Exhaustibility and Schumpeterian Growth," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201726, University of Turin.
    • Handle: RePEc:uto:dipeco:201726
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    1. Cristiano Antonelli & Gianluigi Ferraris, 2018. "The creative response and the endogenous dynamics of pecuniary knowledge externalities: an agent based simulation model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 13(3), pages 561-599, October.
    2. Arrow, Kenneth J, 1969. "Classificatory Notes on the Production and Transmission of Technological Knowledge," American Economic Review, American Economic Association, vol. 59(2), pages 29-35, May.
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    5. Cristiano Antonelli, 2016. "A Schumpeterian growth model: wealth and directed technological change," The Journal of Technology Transfer, Springer, vol. 41(3), pages 395-406, June.
    6. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(2), pages 149-159, November.
    7. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626, National Bureau of Economic Research, Inc.
    8. Daron Acemoglu, 2015. "Localised and Biased Technologies: Atkinson and Stiglitz's New View, Induced Innovations, and Directed Technological Change," Economic Journal, Royal Economic Society, vol. 0(583), pages 443-463, March.
    9. Fleming, Lee & Sorenson, Olav, 2001. "Technology as a complex adaptive system: evidence from patent data," Research Policy, Elsevier, vol. 30(7), pages 1019-1039, August.
    10. Weitzman, Martin L, 1996. "Hybridizing Growth Theory," American Economic Review, American Economic Association, vol. 86(2), pages 207-212, May.
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    1. Cristiano Antonelli & Christophe Feder, 2022. "Knowledge properties and the creative response in the global economy: European evidence for the years 1990–2016," The Journal of Technology Transfer, Springer, vol. 47(2), pages 459-475, April.
    2. Cristiano Antonelli & Christophe Feder, 2021. "Schumpeterian loops in international trade: the evidence of the oecd countries," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 799-820, July.
    3. Cristiano Antonelli, 2019. "A reappraisal of the Arrovian postulate and the intellectual property regime: user-specific patents," European Journal of Law and Economics, Springer, vol. 47(3), pages 377-388, June.
    4. Cristiano, Antonelli, 2019. "The creative response and international trade11The comments of the anonymous referees and the editor are gratefully acknowledged. The funding of my Department are acknowledged," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 445-452.
    5. Cristiano Antonelli, 2020. "Knowledge exhaustibility public support to business R&D and the additionality constraint," The Journal of Technology Transfer, Springer, vol. 45(3), pages 649-663, June.
    6. Xuan Wei & Wei Chen, 2019. "How Does A Firm’s Previous Social Network Position Affect Innovation? Evidence from Chinese Listed Companies," Sustainability, MDPI, vol. 11(4), pages 1-20, February.
    7. Cristiano Antonelli & Gianluca Orsatti & Guido Pialli, 2023. "The knowledge-intensive direction of technological change," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(1), pages 1-27, March.

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    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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