Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/83050
Authors: 
Stadler, Manfred
Year of Publication: 
2013
Series/Report no.: 
University of Tübingen Working Papers in Economics and Finance 60
Abstract: 
We develop a dynamic stochastic general-equilibrium model of science, education and innovation to explain the simultaneous emergence of innovation clusters and stochastic growth cycles. Firms devote human-capital resources to research activities in order to invent higher quality products. The technological requirements in climbing up the quality ladders increase over time but this hampering effect is compensated for by an improving qualification of researchers allowing for a sustainable process of innovation and scale-invariant growth. Jumps in human capital, triggered by scientific breakthroughs, induce innovation clusters across industries and generate long-run growth cycles.
Subjects: 
Science
Education
Innovation clusters
Stochastic growth cycles
JEL: 
C61
E32
O33
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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