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Schumpeterian creative class competition, innovation policy, and regional economic growth

Authors
Batabyal, Amitrajeet A.Yoo, Seung Jick
Issue Date
May-2018
Publisher
Elsevier Inc.
Keywords
Creative class; Creative destruction; Economic growth; Innovation policy; R& D
Citation
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, v.55, pp.86 - 97
Journal Title
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
Volume
55
Start Page
86
End Page
97
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/4534
DOI
10.1016/j.iref.2018.01.016
ISSN
1059-0560
Abstract
We focus on a region that is creative in the sense of Richard Florida. The creative class is broadly composed of existing and candidate entrepreneurs. The general question we analyze concerns the effects of Schumpeterian competition between existing and candidate entrepreneurs on economic growth and innovation policy in this region. We perform four specific tasks. First, when the flow rate of innovation function for the existing entrepreneurs is strictly concave, we delineate the circumstances in which competition between existing and candidate entrepreneurs leads to a unique balanced growth path (BGP) equilibrium. Second, we examine whether it is possible for the BGP equilibrium to involve different levels of R&D expenditures by the existing entrepreneurs. Third, we show how the BGP equilibrium is altered when the flow rate of innovation function for the existing entrepreneurs is constant. Finally, we study the impact that taxes and subsidies on R&D by existing and candidate entrepreneurs have on R&D expenditures and regional economic growth.
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TESOL·국제학대학원 (기후환경융합학과)
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