Over the last fifty years there have been large secular increases in educational attainment and R&D intensity. The fact that these trends have not stimulated more rapid income growth has been a persistent puzzle for growth theorists. We construct a model of endogenous economic growth in which...

Models of vintage-specific learning predict systematic cross-technology differences in earnings among otherwise identical employees. This paper outlines a vintage learning model based on Chari and Hopenhayn's (1991, Journal of Political Economy) exposition. The model predicts that (i) the...

Most existing models of employee spinoffs assume they are driven by a desire to implement new ideas. However, history is replete with examples of spinoffs that were launched to continue with old ideas that their parents were in the process of abandoning. We develop a model of technology choice...