R&D, innovation, and technological progress: a test of the Schumpeterian framework without scale effects |
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Authors: | Marios Zachariadis |
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Institution: | Department of Economics, Louisiana State University |
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Abstract: | Abstract. I use U.S. manufacturing industry data to estimate a system of three equations implied by a model of R&D‐induced growth in steady state. These equations relate R&D intensity to patenting, patenting to technological progress, and technological progress to economic growth. In each case, I find evidence of positive impact. Thus, I reject the null hypothesis that growth is not induced by R&D in favour of the Schumpeterian endogenous growth framework without scale effects. I also find strong support for technological spillovers from aggregate research intensity to industry‐level innovation success. JEL Classification: O40, O30 |
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