"The last chapter modeled technological progress as an increase in the number of types of products, N. In this chapter, we allow for improvements in the quality or productivity of each type. This approach has come to be known as the Schumpeterian approach to endogenous growth. We can think of increases in N as basic innovations that amount to dramatically new kinds of goods or methods of production. In contrast, increases in the quality of the existing products involve a continuing series of improvements and refinements of goods and techniques."
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Academics from the United StatesAcademics from SpainLibertarians from the United StatesEconomists from the United StatesEconomists from Spain
Original Language: English
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Robert J. Barro, Xavier Sala-i-Martin, Economic growth 2nd ed. (2004), Ch. 7 : Technological Change: Schumpeterian Models of Quality Ladders
https://en.wikiquote.org/wiki/Xavier_Sala-i-Martin
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Xavier Sala-i-Martin
(also Sala-i-Martin in English) was born on June 17, 1962 in Cabrera de Mar, Catalonia, Spain and is a Spanish-American economist, and a professor at .
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