The recent development of endogenous growth theories has renewed
the in terest into the sources of productivity growth of the
advanced industrialized economies. The basic advance of these
models is that the evolution of tech nological progress is
explained endogeneously within the economic model. The most
important concept is the idea of endogenous, market-driven inno
vations which are seen as the basic source of technological
advances. Firms develop sophisticated production techniques and new
products in order to reduce costs or to stimulate demand. Equally
important is the concept of knowledge spillovers from innovation
activities and scale economies associ ated with them. External
effects drive a wedge between private and social re turns of
innovation activities, and scale economies affect the market
structure. In addition, each year's productivity increases exhibit
an enormous social value. Therefore, the analysis of endogenous
innovations, scale economies, and knowledge spillovers has
important implications for economic policy which enhances the
interest into empirical investigations of these issues. This book
is a collection of theoretical and empirical work on this subject.
It combines micro economic and macroeconomic issues; a special
emphasis is placed on empirical applications. Much work has been
devoted to the search and the preparation of appropriate data, and
all models are estimated with panel data. The first two chapters
take an aggregate view at the growth process."
General
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