Too much R & D: vertical differentiation in a model of monopolistic competition
Research output: Working paper › Working papers
Standard
Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg, 2007. (Working paper series in economics; No. 59).
Research output: Working paper › Working papers
Harvard
APA
Vancouver
Bibtex
}
RIS
TY - UNPB
T1 - Too much R & D
T2 - vertical differentiation in a model of monopolistic competition
AU - Kranich, Jan
N1 - Literaturverz. S. 23 - 24
PY - 2007
Y1 - 2007
N2 - This paper argues that the "scale effects" prediction of many recent R & D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R & D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth.
AB - This paper argues that the "scale effects" prediction of many recent R & D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of the Romer model that is consistent with this evidence is proposed, but the extended model alters a key implication usually found in endogenous growth theory. Although growth in the extended model is generated endogenously through R & D, the long-run growth rate depends only on parameters that are usually taken to be exogenous, including the rate of population growth.
KW - Economics
M3 - Working papers
T3 - Working paper series in economics
BT - Too much R & D
PB - Institut für Volkswirtschaftslehre der Universität Lüneburg
CY - Lüneburg
ER -