In his previous Schumpeter Prize-winning work, Lee analysed the 'middle-income trap', in which a developing country grows strongly only to plateau at a certain point. Yet certain developing countries, most significantly China, have managed to escape this trap. Building on the conception of the...

The study of innovation and technological change is an increasing field of economic enquire because innovation can be considered a major engine of growth. This paper is concerned with the determinants of innovation and technological change. Different theoretical approaches present in the...