Accounting for trends in productivity and R&D: A Schumpeterian critique of Semi-endogenous growth theory
- Title
- Accounting for trends in productivity and R&D: A Schumpeterian critique of Semi-endogenous growth theory
- Author
- 하준경
- Keywords
- endogenous growth; Schumpeterian growth model; semi-endo-genous growth model; TFP; R&D; product proliferation; time-series test
- Issue Date
- 2007-06
- Publisher
- OHIO STATE UNIV PRESS
- Citation
- JOURNAL OF MONEY CREDIT AND BANKING, v. 39, No. 3, Page. 733-774
- Abstract
- This paper argues that long-run trends in RD and TFP are more supportive of fully endogenous "Schumpeterian" growth theory than they are of semi-endogenous growth theory. The distinctive prediction of semi-endogenous theory that sustained TFP growth requires sustained growth of RD input is not supported by co-integration tests and forecasting exercises, as TFP growth has been stationary even though the growth rate of RD input has fallen three-fold since the early 1950s. In contrast, the prediction of Schumpeterian theory that sustained TFP growth requires a sustained fraction of GDP to be spent on RD is not contradicted by similar tests.
- URI
- https://onlinelibrary.wiley.com/doi/full/10.1111/j.1538-4616.2007.00045.xhttps://repository.hanyang.ac.kr/handle/20.500.11754/106662
- ISSN
- 0022-2879; 1538-4616
- DOI
- 10.1111/j.1538-4616.2007.00045.x
- Appears in Collections:
- COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > ECONOMICS(경제학부) > Articles
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