By Patricia Hofmann
Economic globalisation and technological switch are the 2 concerns that involved humans long ago, trouble them at the present time and may main issue them sooner or later - world wide, bad or wealthy. often, questions on allocative results are requested: What are the labour marketplace implications? Who loses? Who wins? what's the web combination welfare impact after an adjustment interval? in spite of the fact that, issues are hardly ever considered: How do globalisation and technological swap engage and what are the capability long-run implications for financial progress? This ebook addresses the interaction of those megatrends. It asks how fiscal globalisation may well impact innovation and expertise of person organizations and at last the expansion clients of nations. Thereby it exhibits that protectionism not just harms static potency yet could in addition result in dynamic losses. The e-book offers a scientific evaluation of the theoretical underpinnings of the openness-growth nexus and summarises the conceptual difficulties and significant findings of the empirical analyses thus far. The theoretical insights are supported by means of empirical stories, the 1st facing the leading edge behaviour and the “within-multinational” expertise move of Spanish enterprises that have been received through overseas businesses and the second one analysing productiveness progress cost implications from exporting for German production firms.
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Additional info for The Impact of International Trade and FDI on Economic Growth and Technological Change
Constant endowments of the two countries assumed, this is only possible when some firms drop out of the market. Thus the number of produced varieties in the free-trade equilibrium is less than the sum of 7 According to the neoclassical growth model, a non-permanent increase in technology entails only transitory growth rate effects. 8 The fundamental influence of the so-called ‘second’ monopolistic competition revolution on macroeconomics, international trade theory, growth theory and economic geography is set out in Brakman and Heijdra (2004).
3. A second strand of ‘New Growth Theory’ that is highly relevant to the long-run growth implications of international openness are the class of ‘Schumpeterian growth models’. Like product variety models, they account for the fact that firms have market power while still having many firms in the market. In contrast to them, however, they do not assume away product obsolescence. 20 Innovation is a process of creative destruction, as Joseph A. Schumpeter (1942) first put it, which entails that owners of patents of previously leading techniques lose their monopoly rents in train of new discovery.
These preferences are also called ‘love-ofvariety’ preferences as it is not only the consumption quantities of differentiated varieties qðiÞ, i 2 ½0; N but also the greater number of available products N that implies greater utility for consumers as Dixit and Stiglitz (1977) show. t.
The Impact of International Trade and FDI on Economic Growth and Technological Change by Patricia Hofmann