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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URI: http://nbn-resolving.de/urn:nbn:de:bsz:21-opus-70199
http://hdl.handle.net/10900/48023
Dokumentart: WorkingPaper
Date: 2013
Source: University of Tübingen Working Papers in Economics and Finance ; 60
Language: English
Faculty: 6 Wirtschafts- und Sozialwissenschaftliche Fakultät
Department: Wirtschaftswissenschaften
DDC Classifikation: 330 - Economics
Keywords: Wissenschaft
Other Keywords:
Science , Education , Innovation clusters , Stochastic growth cycles
License: 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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