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Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

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  • Ufuk Akcigit
  • Douglas Hanley
  • Nicolas Serrano-Velarde
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    Abstract

    This paper introduces a model of endogenous growth through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a general equilibrium framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Our key finding is that standard R&D policies can accentuate the dynamic misallocation in the economy. We also find a strong complementarity between the property rights of basic research and the optimal funding of public research.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19473.

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    Date of creation: Sep 2013
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    Handle: RePEc:nbr:nberwo:19473

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    References

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    1. Henderson, R. & Jaffe, A.B.: Tratenberg, M., 1995. "Universities as a Source of Commercial Technology: A Detailed Analysis of University Patenting 1965-1988," Papers, Tel Aviv 09-95, Tel Aviv.
    2. Mansfield, Edwin, 1980. "Basic Research and Productivity Increase in Manufacturing," American Economic Review, American Economic Association, American Economic Association, vol. 70(5), pages 863-73, December.
    3. Segerstrom, Paul S, 1998. "Endogenous Growth without Scale Effects," American Economic Review, American Economic Association, American Economic Association, vol. 88(5), pages 1290-1310, December.
    4. Emanuele Bacchiocchi & Fabio Montobbio, 2006. "Knowledge diffusion from university and public research. A comparison between US, Japan and Europe using patent citations," KITeS Working Papers, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy 193, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Dec 2006.
    5. Link, Albert N, 1981. "Basic Research and Productivity Increase in Manufacturing: Additional Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 71(5), pages 1111-12, December.
    6. Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, Elsevier, vol. 23(5), pages 487-521, September.
    7. Maria Fuensanta Morales, 2001. "Research Policy and Endogenous Growth," UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) 488.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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    1. “Back to Basic: Basic Research Spillovers, Innovation Policy and Growth,” U. Akcigit, D. Hanley & N. Serrano-Velarde (2013)
      by afinetheorem in A Fine Theorem on 2013-10-29 07:48:37
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    Cited by:
    1. Prettner, Klaus & Werner, Katharina, 2014. "Human capital, basic research, and applied research: Three dimensions of human knowledge and their differential growth effects," Center for European, Governance and Economic Development Research Discussion Papers, University of Goettingen, Department of Economics 186, University of Goettingen, Department of Economics.

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