We construct a tractable general equilibrium model of cumulative innovation and growth, in which new ideas strictly … knowledge spillovers implies that the decentralized equilibrium features an allocation of labor to R&D activity that is strictly … the rate of innovation, as well as a separate optimal required inventive step that maximizes welfare, with the former …

Global policy discussions increasingly focus on innovation and the knowledge economy as a driver of long-term growth …. In parallel new forms of innovation processes are emerging, notably open innovation and innovation networks stressing the …

suggest using rewards as incentives for innovation instead. However, these studies have thus far had little effect on actual …

Economic interest in innovation policy largely arises from the fundamental importance of innovation to social welfare … and from inefficiencies in innovation in a competitive market environment. As a result, a wide variety of public … innovation policies are used in practice. This study reviews the economic justifications for public innovation policies and …

of innovation process and this value is undoubtedly transferred to patents that are created in order to fulfill …

innovation endogenously determines the dynamics of technology, and, therefore, market leadership and trade flows, in a world with … innovation motive, (ii) the expansionary innovation motive, and (iii) technology spillovers. The theoretical investigation … illustrates that, statically, globalization (defined as reduced trade barriers) has ambiguous effects on welfare, while …

This paper analyses the nature of knowledge spillovers from research and development (R&D) in the field of liquid …

In Germany, R&D subsidies are an important tool to support innovation in the private sector. This paper studies the … profits are similar to effects on spillovers to the rest of the German economy. Besides results show that the subsidy rate …

applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically … identifying these spillovers and embed them in a general equilibrium framework with private firms and a public research sector …