English, Article, Journal or magazine article edition: Quality Ladders in the Theory of Growth Gene M. Grossman; Elhanan Helpman

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Bookmark: http://trove.nla.gov.au/version/139868
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Quality Ladders in the Theory of Growth
Author
  • Gene M. Grossman
  • Elhanan Helpman
Physical Description
  • preprint
Notes
  • We develop a model of repeated product improvements in a continuum of sectors. Each product follows a stochastic progression up a quality ladder. Progress is not uniform across sectors, so an equilibrium distribution of qualities evolves over time. But the rate of aggregate growth is constant. The growth rate responds to profit incentives in the R&​D sector. We explore the welfare properties of our model. Then we relate our approach to an alternative one that views product innovation as a process of generating an ever expanding range of horizontally differentiated products. Finally, we apply the model to issues of resource accumulation and international trade.
  • RePEc:nbr:nberwo:3099
Language
  • English
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