Economic growth and innovation:
an estimation of the innovation possibilities function
This article investigates the format of innovation possibilities function to the United States between 1950 and 2011. Is used the theoretical model of Kennedy (1964) for the estimation of econometric model. The database used was the United States Long Term – USLT organized by Dumenil and Lévy (1994). The results suggest that the innovation possibilities function is compatible with the description of technical progress happened during the analysis period and point the existence of a trade-off between the growth rates of labor productivity and capital to the United States in the period in study.
JEL Classification: O47; O30; O11.
Keywords: Economic and development growth, technical progress, innovation