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Knowledge Codification and Endogenous Growth

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    Abstract

    The usual models of endogenous growth treat knowledge codification as a byproduct of R&D and as costless. In contrast to this, one can observe great efforts of private firms for the purposeful codification of knowledge. We incorporate costly knowledge codification in an overlapping generations framework of endogenous growth and show that the steady-state growth rate of capital being higher than that of the knowledge stock is a sufficient condition for knowledge codification. With decreasing codification costs, every overlapping generations economy will be codifying in the long run if the rate at which the costs decline is higher than or equal to the steady-state growth rate of knowledge.

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    Paper provided by CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich in its series CER-ETH Economics working paper series with number 07/65.

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    Length: 48 pages
    Date of creation: Feb 2007
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    Handle: RePEc:eth:wpswif:07-65

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    Keywords: Knowledge; Human Capital; Knowledge Codification; Economic Growth;

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    1. Thoenig, Mathias & Verdier, Thierry, 2004. "The Macroeconomics of Knowledge Management: Internal Hold-Up versus Technological Competition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4710, C.E.P.R. Discussion Papers.
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    6. Michele Boldrin & David K Levine, 2000. "Perfectly Competitive Innovation," Levine's Working Paper Archive 1996, David K. Levine.
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    8. Robin Cowan & Paul A. David & Dominique Foray, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Working Papers, Stanford University, Department of Economics 99027, Stanford University, Department of Economics.
    9. Klenow, Peter J., 1998. "Ideas versus rival human capital: Industry evidence on growth models," Journal of Monetary Economics, Elsevier, Elsevier, vol. 42(1), pages 3-23, June.
    10. Boyan Jovanovic, 1995. "Learning and Growth," NBER Working Papers 5383, National Bureau of Economic Research, Inc.
    11. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, Elsevier, vol. 49(2), pages 360-375, December.
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