Overview
Takes a broad fresh look at the golden age in neoclassical growth
Combines, for the first time, a knowledge production function with the macro production function in open economies
Provides new insights into the role of foreign direct investment, trade, innovation dynamics and growth in both OECD countries and newly industrialized countries
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Table of contents (5 chapters)
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Front Matter
Keywords
About this book
This book takes a new look at the golden age in neoclassical growth theory and explores in detail sustainability and optimum growth in China, the US and Europe. Innovation, foreign direct investment, trade and growth dynamics are key elements in modern economies – including perspectives on green growth and aspects of the knowledge production function in the context of multinational companies. As such the book considers the role of foreign direct investment in a modified growth model and discusses innovation in an enhanced Mundell-Fleming macro model. Moreover, for the first time it directly links a knowledge production function to the macro production function in a broader context, including real money balances in the production function. It shows – also with empirical relevance – that FDI inward stocks relative to the GDP of host countries, the number of researchers and per capita income are relevant drivers of new knowledge and the stock of knowledge, respectively. This new Schumpeterian theoretical approach lends itself to important policy conclusions for both OECD members and newly industrialized countries.
Authors and Affiliations
About the author
Bibliographic Information
Book Title: Macro Innovation Dynamics and the Golden Age
Book Subtitle: New Insights into Schumpeterian Dynamics, Inequality and Economic Growth
Authors: Paul J. J. Welfens
DOI: https://doi.org/10.1007/978-3-319-50367-7
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: Springer International Publishing AG 2017
Hardcover ISBN: 978-3-319-50366-0Published: 23 February 2017
Softcover ISBN: 978-3-319-84382-7Published: 13 July 2018
eBook ISBN: 978-3-319-50367-7Published: 16 February 2017
Edition Number: 1
Number of Pages: XVII, 148
Number of Illustrations: 16 b/w illustrations, 8 illustrations in colour
Topics: Macroeconomics/Monetary Economics//Financial Economics, Economic Growth, Institutional/Evolutionary Economics, R & D/Technology Policy, International Economics, Asian Economics