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The role of diminishing returns in neo-Schumpeterian growth theory

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  • Cindy Houser

    (Department of Economics and Finance, Texas A&M International University, Laredo, TX 78041, USA)

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    Abstract

    This paper generalizes Segerstrom [5], a dynamic general equilibrium model of endogenous growth through quality improvements in which innovation and imitation are modeled as the outcomes of research and development (R&D) races. Specific factors introduced into the technologies of both R&D activities achieve diminishing returns to scale in R&D. The comparative-static results of subsidies to R&D activities depend on the degree of diminishing returns to scale in R&D. When there is (is not) a sufficient degree of diminishing returns to R&D, a subsidy to innovative activity increases (decreases) innovative activity.

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 12 (1998)
    Issue (Month): 2 ()
    Pages: 335-347

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    Handle: RePEc:spr:joecth:v:12:y:1998:i:2:p:335-347

    Note: Received: July 8, 1994; revised version: June 9, 1997
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    Cited by:
    1. Mukoyama, Toshihiko, 2003. "Innovation, imitation, and growth with cumulative technology," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 361-380, March.

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