Can Innovation Cure Baumol's Disease:Analysis from the Perspective of Technological Innovation
Baumol's disease describes the plight of economic growth slowdown or even stagnation experienced by developed economies in the process of economic virtualization.China's economic growth also suffers from structural deceleration caused by economic virtualization.How can we overcome the adverse impact of Baumel's disease on China's long-term economic growth?Research on changes in industrial structure and its economic growth effects based on the perspective of technological innovation has found that R&D efficiency and intellectual property protection determine the difference in R&D investment intensity between industries,which in turn affects their technological progress rate.There are technical efficiency and allocative efficiency in endogenous economic growth process,and under certain conditions,these two efficiencies will lead to a structural deceleration trend in economic growth.The balanced and unbalanced changes in R&D efficiency and intellectual property protection are alleviating the problem of Baumol's disease by optimizing the department's technological progress rate and industrial structure.Therefore,improving the innovation system,enhancing the innovation environment,and promoting the coordinated development of industrial sectors will be conducive to the sustainable economic growth of a country or region.
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