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On Accounting "Capital" in Horizontal Innovation Models

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  • Man-Seop Park

    ()
    (Department of Economics, Korea University)

Abstract

I identify and correct some logical problems of the 1990 Romer model of horizontal innovation. The model's setting where all the produced inputs are durable is inconsistent with the proposed Dixit-Stiglitz production function; also, Romer's "accounting measure of capital" (and its variants in the literature) is not a theoretically proper measure on which the rate of interest is to be calculated. The correction is straightforward. However, a more fundamental issue is at stake: the structure of horizontal innovation models necessitates consideration of the problem of value, but the current literature deliberately assumes it away, generating internal inconsistency of various forms.

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File URL: http://econ.korea.ac.kr/~ri/WorkingPapers/W0727.pdf
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Bibliographic Info

Paper provided by Institute of Economic Research, Korea University in its series Discussion Paper Series with number 0727.

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Length: 22 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:iek:wpaper:0727

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  1. Gino Gancia & Fabrizio Zilibotti, 2005. "Horizontal innovation in the theory of growth and development," Economics Working Papers 831, Department of Economics and Business, Universitat Pompeu Fabra.
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