); innovation returns are modeled as following an ex ante known probability distribution. By assuming that innovation outcomes are …

); innovation returns are modeled as following an ex ante known probability distribution. By assuming that innovation outcomes are …

We study innovation and the resulting Schumpeterian economic growth that this innovation gives rise to in a model with … balanced growth path (BGP) allocations and the equilibrium of interest. Second, we stipulate the form of the innovation … circumstances in which there is either too much or too little innovation in (i) the ith region, (ii) the aggregate economy of N>2 …