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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.
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Product Details
- Jan 29, 1993 Pub Date:
- 9780262570978 ISBN-13:
- 0262570971 ISBN-10:
- English Language
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