The advances of modern computer-based innovation have been mind-bogglingly fast and have changed both business and everyday life around the world. But change has not come evenly. The very pace of technological advancement has tended to hide some fundamental problems that have existed from the...

Current explanations why a growing economy necessarily goes through booms and recessions predict countercyclical R&D investment. As this is very controversial from an empirical perspective, a stochastic Poissonmodel of endogenous business cycles and growth is presented where the determinants of...