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Science-Based R&D in Schumpeterian Growth

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Author Info
Guido Cozzi
Silvia Galli

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Abstract

Firm success is often associated with the development of better products. Private firms undertake applied R&D seeking market advantage, by capitalizing on the freely accessible results of basic research. But unpatentable basic research often fails to address applied R&D open problems. What is the role of the incentives in improving the innovative performance of an economy by matching partially motivated public researchers to their mission? Sometimes government funded research projects are mission-directed, yet in many cases the public sector academics indulge in carrier-driven research. An innovation system where, as in the US, also basic research is driven by patents, implicitly sets an ex-post incentive to the researchers guided by invisible hand. For a public innovation system - like the European one - designing an incentive scheme to motivate public researchers is of key importance for fostering the performance of the economic system. This paper extends the Schumpeterian multisector growth model with vertical innovation by highlighting a link between the degree of "targetness" of public research and aggregate innovation. A positive effect of social capital is also proved.

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Paper provided by Department of Economics, University of Glasgow in its series Working Papers with number 2009_19.

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Date of creation: Apr 2009
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Handle: RePEc:gla:glaewp:2009_19

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Related research
Keywords: Sequential Innovation; Research Tools; Basic Research; Knowledge Management; Social Capital.;

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Find related papers by JEL classification:
H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O34 - Economic Development, Technological Change, and Growth - - Technological Change - - - Intellectual Property Rights
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy

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    Other versions:
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