Hierarchical Growth : Basic and Applied Research ∗

  title={Hierarchical Growth : Basic and Applied Research ∗},
  author={Hans Gersbach},
We develop a model that incorporates salient features of growth in modern economies. We combine the expanding-variety growth model through horizontal innovations with a hierarchy of basic and applied research. The former extends the knowledge base, while the latter commercializes it. Two-way spillovers reinforce the productivity of research in each sector. We establish the existence of balanced growth paths. Along such paths the stock of ideas and the stock of commercialized blueprints for… CONTINUE READING

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