The aim of this paper is to empirically analyze the role that aggregate R&D-expenditures play in economic growth. We introduce a technology of innovation based on R&D-expenditures instead of labor to see how this consideration generates sustainable growth determined endogenously, even if population growth does not exist. Therefore, it also seems relevant to analyze the effects of some fiscal policies. For the empirical analysis we make use of an econometric model obtained from the decentralized equilibrium. More precisely, the specification is obtained using the freeentry condition that the competitive equilibrium states for the R&D-activity and the policy function defining the dynamic evolution of patentees' price.
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Paper provided by IDEGA - Instituto Universitario de Estudios e Desenvolvemento de Galicia in its series Documentos de trabajo - Análise Económica with number
0013.