Innovation and Growth in the Global Economy

by Gene M. Grossman, Elhanan Helpman

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Traditional growth theory emphasizes the incentives for capital accumulation rather than technological progress. Innovation is treated as an exogenous process or a by-product of investment in machinery and equipment. Grossman and Helpman develop a unique approach in which innovation is viewed as a deliberate outgrowth of investments in industrial research by forward-looking, profit-seeking agents.

Gene M. Grossman is Professor of Economics and International Affairs at Princeton University. Elhanan Helpman is Archie Sherman Professor of International Economic Relations at Tel Aviv University.

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Average Customer Review: 5 out of 5 stars

6 of 6 people found the following review helpful:

5 out of 5 stars

a very useful synthesis of trade and growth theory, 2000-11-09
This volume is a very useful synthesis of trade and growth theory, pulling together a lot of related models and presenting them in a systematic manner with unified notation. One is struck at the end how much the results turn on traditional differences in factor usage intensities across industries, and as a consequence, how non-robust many the results are in a prescriptive sense.

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