Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio - Institut für Volkswirtschaftslehre, … - 2010
We study a dynamic general equilibrium model where innovation takes the form of the introduction new goods, whose … production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … both an engine of growth and a potential barrier to it. As a result, growth in an inverse U-shaped function of the …