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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Volume (Year): 62 (2003) Issue (Month): 2 (October) Pages: 241-291 Download reference. The following formats are available: HTML
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Handle: RePEc:gde:journl:gde_v62_n2_p241-291
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Find related papers by JEL classification: D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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