I build a generalised model of horizontal product innovation and economic growth taking explicitly into account the most relevant insights stemming from the recent literature on this topic. What results from the analysis is that, when innovation is both deterministic and horizontal, the...

Using a balanced-growth model with physical and human capital accumulation, we analyze quantitatively the long-run effects of changes in the savings rate and in income distribution (i.e. the shares of physical and human capital in income) on investment in skill acquisition, income growth, and...