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On the Sustainability of R&D Based Endogenous Growth

Author

Listed:
  • Michel, P.
  • Nyssen, J.

Abstract

We construct a R&D based endogenous growth model within an overlapping generations framework. We study the properties of the long run growth rate. We define endogenous growth as an equilibrium in which the long run growth rate is always stricly larger than zero. Then, we show that endogenous growth is possible even when the returns to R&D are decreasing as long as patents last one period. Indeed, in this case there does not exist any other support for savings than new firms creation. This result is no longer valid when patents are infinitely lived, because existing patents constitute an alternative affectation for savings.

Suggested Citation

  • Michel, P. & Nyssen, J., 1997. "On the Sustainability of R&D Based Endogenous Growth," G.R.E.Q.A.M. 97a32, Universite Aix-Marseille III.
    • Handle: RePEc:fth:aixmeq:97a32
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    More about this item

    Keywords

    ECONOMIC GROWTH ; PATENTS ; GENERATIONS ; RESEARCH AND DEVELOPMENT;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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