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Non-Scale Models of R&D-based Growth: The Market Solution

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Author Info

  • Thomas M. Steger

    (ETH Zurich)

Abstract

The market solution of a general R&D-based endogenous growth model is developed. The model is general in two respects: First, general formulations are used and restrictions are only introduced provided that these become necessary. Second, each factor of production (labour, capital and technological knowledge) is allowed to be productive in each sector (final output, capital goods and R&D). Since the resulting R&D-based growth model encompasses a large number of specific models, it can be viewed as a summary of this strand of the literature. The complete dynamic system as well as the balanced growth rates are derived. By employing numeric techniques, the gap between the decentralised and the centralised balanced growth path as well as the transitional dynamics implications are investigated.

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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

Volume (Year): topics.5 (2005)
Issue (Month): 1 ()
Pages: 3

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Handle: RePEc:bpj:bejmac:v:topics.5:y:2005:i:1:n:3

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Web page: http://www.degruyter.com

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Related research

Keywords: R&D-based growth models; non-scale growth; market solution; dynamic systems;

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Cited by:
  1. Jakub Growiec & Ingmar Schumacher, 2013. "Technological opportunity, long-run growth, and convergence," Oxford Economic Papers, Oxford University Press, vol. 65(2), pages 323-351, April.
  2. Steger, Thomas M., 2002. "Transitional dynamics in R&D-based models of endogenous growth," Wirtschaftswissenschaftliche Diskussionspapiere 04/2002, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics.
  3. Chu, Angus C., 2007. "Optimal Patent Breadth: Quantifying the Effects of Increasing Patent Breadth," MPRA Paper 3910, University Library of Munich, Germany.
  4. Lutz G. Arnold, 2006. "The Dynamics of the Jones R&D Growth Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(1), pages 143-152, January.
  5. Creina Day, 2006. "Population and Endogenous Growth," ANU Working Papers in Economics and Econometrics 2006-475, Australian National University, College of Business and Economics, School of Economics.
  6. Angus Chu, 2009. "Effects of blocking patents on R&D: a quantitative DGE analysis," Journal of Economic Growth, Springer, vol. 14(1), pages 55-78, March.

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