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This paper discusses, first, the properties of scientific and technological knowledge and the institutions supporting its generation and its economic applications. The evidence continues to support the broad interpretation which we call the ʺStanford-Yale-Sussexʺ synthesis. Second, such...
Persistent link: https://www.econbiz.de/10003209434
The paper discusses the transitional phase of the French innovation system focusing on the activities that influence the development and diffusion of innovations. It shows that the current system combined persistent elements of the traditional mission-oriented model with new systemic...
Persistent link: https://www.econbiz.de/10010244573
We study the impact of alternative innovation policies on the short- and long-run performance of the economy, as well as on public finances, extending the Schumpeter meeting Keynes agent- based model (Dosi et al., 2010). In particular, we consider market-based innovation policies such as R&D...
Persistent link: https://www.econbiz.de/10012520256
Government funding of innovation can have a significant impact not only on the rate of technical change, but also on its direction. In this paper, we examine the role that government grants and government departments played in the development of artificial intelligence (AI), an emergent general...
Persistent link: https://www.econbiz.de/10012695100
The paper extends the research started with Borsato (2020). I develop an agent-based, stock-flow consistent growth model to analyze the interplay between income distribution, innovation and productivity growth. Results still show that the mounting shrinkage of the labour share impacts negatively...
Persistent link: https://www.econbiz.de/10012497056
US military Research and Development (R&D) expenditures arguably represent the best example of mission-oriented policy. They are sizeable, with a clear-cut public purpose (national defense) and with the government being their exclusive beneficiary. Exploiting a longitudinal dataset linking...
Persistent link: https://www.econbiz.de/10012319172
. Fourth, we explore the relationship between technological specialization and productive capabilities showing that, in the …
Persistent link: https://www.econbiz.de/10014343009
previous periods returns, incomplete specialization is optimal. We also demonstrate that, in this case, the decentralized … solution is characterized by an inefficiently high level of specialization with respect to the social optimal one. Finally, we … adopt the optimal specialization strategy, i.e. the one that maximizes the country growth rate. -- Uncertainty …
Persistent link: https://www.econbiz.de/10003321325
In a complete market for short-lived assets, we investigate long run wealth-driven selection on a general class of investment rules that depend on endogenously determined current and past prices. We find that market instability, leading to asset mis-pricing and informational efficiencies, is a...
Persistent link: https://www.econbiz.de/10008729026
We provide simple examples to illustrate how wealth-driven selection works in asset markets. Our examples deliver both good and bad news. The good news is that if individual assets demands are expressed as a fractions of wealth to be invested in each asset, e.g. because traders maximize an...
Persistent link: https://www.econbiz.de/10009009683