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Cambridge Journal of Economics 26:201-216 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

Accumulation, innovation and catching-up: an extended cumulative growth model

Miguel A. León-Ledesma

Department of Economics, Keynes College, University of Kent at Canterbury, Canterbury, Kent CT2 7NP, UK; M.A.Leon-Ledesma{at}ukc.ac.uk

Abstract

This paper presents an extended model of cumulative growth in which the effects of innovation and catching-up are considered. Innovation adds another source of cumulative growth to that of traditional models and allows a consideration of the importance of non-price determinants of international competitiveness. Catching-up is the major force leading to convergence in productivity owing to the effect of the diffusion of technology. The model allows one to analyse whether cumulative forces may lead to stable growth and whether this solution generates convergence in productivity levels. The structural model is tested for a set of OECD countries over the period 1965–94.

Key Words: Cumulative growth • Innovation • Catching-up


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