| Author/Contributor(s): | Grossman, Gene M.; Helpman, Elhanan |
| Publisher: | The MIT Press |
| Date: | 1/29/1993 |
| Binding: | Paperback |
| Condition: | NEW |
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.