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On research and development in a model of Schumpeterian economic growth in a creative region

Authors
Batabyal, Amitrajeet A.Yoo, Seung Jick
Issue Date
Feb-2017
Publisher
ELSEVIER SCIENCE INC
Keywords
Creative capital; Creative region; Innovation; R& D; Schumpeterian economic growth
Citation
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, v.115, pp.69 - 74
Journal Title
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
Volume
115
Start Page
69
End Page
74
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/8698
DOI
10.1016/j.techfore.2016.09.020
ISSN
0040-1625
Abstract
We analyze the nature of research and development (R&D) that leads to Schumpeterian economic growth in a region that is creative in the sense of Richard Florida. The engine of economic growth in our creative region is process innovations that lead to quality improvements in the machines that are used to produce a final consumption good. We accomplish two main tasks. First, we show that in the so called balanced growth path (BGP) equilibrium, growth is unbalanced because R&D takes place only on the machine line With the highest quality. Second, we show how a policymaker can alter the basic model so that the resulting equilibrium has balanced growth in the sense that there is R&D across all the different machine lines. (C) 2016 Elsevier Inc. All rights reserved.
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TESOL·국제학대학원 (기후환경융합학과)
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