Innovation strategies combining internal and external knowledge

Authored by: Börje Johansson , Hans Lööf

Routledge Handbook of the Economics of Knowledge

Print publication date:  December  2014
Online publication date:  December  2014

Print ISBN: 9780415640992
eBook ISBN: 9780203082324
Adobe ISBN: 9781136178658

10.4324/9780203082324.ch4

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Abstract

Economists’ recognition of innovation and technology is often ascribed to the contribution of Schumpeter (1934), spelled out in The Theory of Economic Development, conveying the message that without innovations the market economy would settle in a stationary Walrasian equilibrium. Precisely the same message was delivered by Solow (1957), declaring that in equilibrium GDP per capita of a competitive economy will grow only to the extent that technology improves over time. A novel element was that the Solow model prescribed a way to calculate the size of the yearly change of technology.

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