Innovation by Leaders II: Schumpeterian Growth with Endogenous Persistence of Leadership
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I develop a Schumpeterian model of endogenous growth with realistic features of the market for
innovations as decreasing marginal productivity at the firm level and the possibility of wasteful duplications
of resources between firms due to congestion at the industry level. Moreover, I consider
the possibility that incumbent patentholders have a competitive advantage in the patent races for the
next generation technologies and hence endogenously invest in R&D: in this case the value of being
a leader is higher and growth driven by market leaders is higher. Technically the paper provides a
complete analytical solution of the general equilibrium model with endogenous persistence of leadership
through dynamic programming techniques and undetermined coefficient methods. Moreover,
this framework can be used for other macroeconomic investigations: I show that other sources of
growth may reduce investment inducing a paradoxical negative correlation between growth and
R&D spending, and that price stickiness induces an inverted U relation between inflation and long
run growth.
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