Waves of creative destruction: Firm-specific learning-by-doing and the dynamics of innovation

• 成果类型: Article
• 署名作者: Stein, JC
• 署名单位: National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.2307/2971712
• 发表日期: 1997
• 页码: 265-288
• 关键词: quality ladders; life-cycle; GROWTH; industry; MODEL

摘要

This paper develops a model of repeated innovation with knowledge spillovers. The model's novel feature is that firms compete on two dimensions: (1) product quality, where one firm's innovation ultimately spills over to other firms; and (2) distribution costs, where there are no spillovers across firms and where learning-by-doing on the part of incumbent firms gives them a competitive advantage over would-be entrants. Such firm-specific learning-by-doing has two important consequences: (1) it can in some circumstances dramatically reduce the long-run average level of innovation; (2) it leads to endogeneous bunching, or waves, in innovative activity.