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Market Power and Aggregate Economic Growth in Models with Endogenous Technological Change

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Author Info

  • Alberto Bucci

    ()
    (University of Milan and Université catholique de Louvain)

Abstract

This paper overviews the main interactions between product market competition and long-run growth. We start with the first generation of R&D-based growth models and keep distinct the vertical from the horizontal differentiation approaches. Our main objective here is to study why these two branches of the same literature give different predictions as for the long-run relationship between competition and growth. Next, we introduce the second generation of R&D-based growth models and analyse the way they reconcile the Schumpeterian paradigm with the Darwinian view. Finally, we review the literature that endogenises the markups and the one that eliminates the scale-effects prediction.

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File URL: ftp://ftp.gde.unibocconi.it/gde_articles/2003/GDE_V62_N2_P241-291.pdf
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Bibliographic Info

Article provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.

Volume (Year): 62 (2003)
Issue (Month): 2 (October)
Pages: 241-291

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Handle: RePEc:gde:journl:gde_v62_n2_p241-291

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Related research

Keywords: product differentiation; market power; technological change; endogenous growth;

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Cited by:
  1. Daria ONORI, 2011. "Welfare, Competition, Specialization and Growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2011011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Alberto BUCCI, 2004. "Human capital, product market power and economic growth," Departmental Working Papers 2004-21, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  3. Alberto Bucci, 2003. "R&D, imperfect competition and growth with human capital accumulation," Departmental Working Papers 2003-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  4. Scopelliti, Alessandro Diego, 2009. "Competition and Economic Growth: a Critical Survey of the Theoretical Literature," MPRA Paper 20079, University Library of Munich, Germany.
  5. Alberto Bucci, 2005. "An Inverted-U Relationship between Product Market Competition and Growth in an Extended Romerian Model," Rivista di Politica Economica, SIPI Spa, vol. 95(5), pages 177-206, September.

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