Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/83050 
Year of Publication: 
2013
Series/Report no.: 
University of Tübingen Working Papers in Economics and Finance No. 60
Publisher: 
University of Tübingen, Faculty of Economics and Social Sciences, Tübingen
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

Files in This Item:
File
Size
186.46 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.