On the Sustainability of R&D Based Endogenous Growth
AbstractWe 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 This result is no longer valid when patents are infinitely lived, because existing patents constitute an alternative affectation for savings.
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Bibliographic InfoPaper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 97a32.
Length: 18 pages
Date of creation: 1997
Date of revision:
Contact details of provider:
Postal: G.R.E.Q.A.M., (GROUPE DE RECHERCHE EN ECONOMIE QUANTITATIVE D'AIX MARSEILLE), CENTRE DE VIEILLE CHARITE, 2 RUE DE LA CHARITE, 13002 MARSEILLE.
Web page: http://www.greqam.fr/
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ECONOMIC GROWTH ; PATENTS ; GENERATIONS ; RESEARCH AND DEVELOPMENT;
Find related papers by JEL classification:
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
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