Scientific Breakthroughs, Innovation Clusters and Stochastic Growth Cycles

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Scientific Breakthroughs, Innovation Clusters and Stochastic Growth Cycles

Stadler, Manfred
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Zitierfähiger Link (URI): http://nbn-resolving.de/urn:nbn:de:bsz:21-opus-70199
http://hdl.handle.net/10900/48023
Dokumentart: Arbeitspapier
Erscheinungsdatum: 2013
Originalveröffentlichung: University of Tübingen Working Papers in Economics and Finance ; 60
Sprache: Englisch
Fakultät: 6 Wirtschafts- und Sozialwissenschaftliche Fakultät
Fachbereich: Wirtschaftswissenschaften
DDC-Klassifikation: 330 - Wirtschaft
Schlagworte: Wissenschaft
Freie Schlagwörter:
Science , Education , Innovation clusters , Stochastic growth cycles
Lizenz: http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en
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Abstract:

We develop a dynamic stochastic general-equilibrium model of science, education and innovation to explain the simultaneous emergence of innovation clusters and stochastic growth cycles. Firms devote human-capital resources to research activities in order to invent higher quality products. The technological requirements in climbing up the quality ladders increase over time but this hampering effect is compensated for by an improving qualification of researchers allowing for a sustainable process of innovation and scale-invariant growth. Jumps in human capital, triggered by scientific breakthroughs, induce innovation clusters across industries and generate long-run growth cycles.

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