论文信息 - R&D and Economic Growth

R&D and Economic Growth

The aggregate rate of R&D in a competitive economy is compared with the optimal rate. The optimal rate of R&D is shown to be the same for all preferences in a broad family, while the competitive rate is sensitive to the form of substitutability among products and so can vary dramatically within a family. The second-best level of R&D is shown to be also common within a family and equal to the optimal rate. Numerical examples suggest that diminishing returns in the innovation technology is the most important potential source for excessive R&D in a competitive economy.

Nancy L. Stokey

[1] A. Dixit,et al. Monopolistic competition and optimum product diversity , 1977 .

[2] Zvi Griliches,et al. Patents: Recent Trends and Puzzles , 1989 .

[3] Nancy L. Stokey. Learning by Doing and the Introduction of New Goods , 1988, Journal of Political Economy.

[4] Avinash Dixit,et al. A General Model of R&D Competition and Policy , 1988 .

[5] Roger K. Conway,et al. Trends in American economic growth, 1929-1982 , 1985 .

[6] A. Rustichini,et al. Research and imitation in long-run growth , 1991 .

[7] Glenn C. Loury,et al. Market Structure and Innovation , 1979 .

[8] G. Grossman,et al. Quality Ladders in the Theory of Growth , 1989 .

[9] P. Segerstrom. Innovation, Imitation, and Economic Growth , 1991, Journal of Political Economy.

[10] M. Spence. Product Selection, Fixed Costs, and Monopolistic Competition , 1976 .

[11] K. Arrow. The Role of Securities in the Optimal Allocation of Risk-bearing , 1964 .

[12] Tom Lee,et al. Market Structure and Innovation: A Reformulation , 1980 .

[13] Alwyn Young,et al. Invention and Bounded Learning by Doing , 1991, Journal of Political Economy.

[14] Samuel Kortum,et al. Equilibrium R&D and the patent-R&D ratio: U.S. evidence , 1993 .

[15] Nancy L. Stokey,et al. Recursive methods in economic dynamics , 1989 .

[16] P. Romer. Endogenous Technological Change , 1989, Journal of Political Economy.

[17] P. Segerstrom,et al. A Schumpeterian Model of the Product Life Cycle , 1990 .