熊彼特增长模型英文教程香港浸会大学,工商管理学院概要1.pptxVIP

Cha.4 Schumpeterian Model;2/15/2013;Structure of presentation;Literature Review of Schumpeterian Model;Two outstanding characters of new growth theory: The rate of economic growth is derived from optimal behavior of economic participants including consumers, producers and government. Policies could influence economic growth by posing an effect on the optimal behavior of economic participants. According to Romer(1993) and Zeng(1997), we can divide the new growth theory into 2 parts: capital-based growth theory and idea-based growth theory. ;*Capital-based growth theory emphasizes on the idea that the accumulation of capital (material capital and human capital) is the most important power to push the advancement of technology and economy. * Idea-based growth theory emphasizes on the effects of innovation and the accumulation of knowledge on the advancement of technology and economy. ;cornerstone of Schumpeterian growth theory The early 1990s, as the representative of the economists, Romer(1990) combined innovation, research and endogenous economic growth under the dynamic general-equilibrium framework. Then, Romer proposed endogenous research and the mechanism of action in promoting economic growth by innovation, which becomes the cornerstone of Schumpeterian growth theory. ;Schumpeterian growth theory Conception: Endogenous research and Innovation are determinant factors to improve the technology and economy. Enterprises invest to research and innovation to achieve monophonic profit. ;New endogenous production and new methods proposed by Schumpeterian to improve economic growth: The motivation of enterprises pursuing monophonic profit pushes them to innovate, which leads to the production of new goods and new methods. The process of innovation is the process of creative destruction. If one company succeeds in innovation, the other companies will be eliminated in the market. ;Creative destruction is the motivation of the development of capitalism. Additionally, the S