The Mechanics of Endogenous Innovation and Growth: Evidence from Historical U.S. Patents∗
نویسندگان
چکیده
How does technological progress occur? Is the nature of innovation stable over time? We shed new light on these questions through a mixture of empirics and theory. We begin with an empirical analysis of patents granted by the United States Patent and Trademark Offi ce. This analysis reveals several striking facts that emphasize the increasing importance of novel combinations of technologies for U.S. patents, compared to either new technology development or the reuse/refinement of older technology combinations, and the localized nature of these recombinations. We build an endogenous growth model that can match these facts and illustrate the underlying mechanics of the technological development process. JEL Classification: O31, O33, O41, L16.
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