A Welfare Analysis of Growth Models with Endogenous Innovation
AbstractIn this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is analyzed for transition paths. I provide a general comparison of the market equilibrium path and the optimal path for any initial conditions. To elicidate the welfare properties of the model, I present a constrained optimality result for the market equilibriu
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Bibliographic InfoPaper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 311.
Date of creation: 11 Aug 2004
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welfare; growth; innovation;
Find related papers by JEL classification:
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
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